Citi forecast the tokenized securities market could grow to Ethereum5.5 trillion globally by 2030.
Tokenization News
Citi projects the global market for tokenized real-world assets (RWAs) will grow from Ethereum17 billion today to Ethereum5.5 trillion by 2030, with a range spanning Ethereum2.7 trillion on the low end to Ethereum8.2 trillion under a bull case scenario. The figures come from the bank's new report, “Tokenization 2030: Wall Street On-Chain,” shared ahead of the Proof of Talk conference in Paris.
The report identifies three forces driving the shift: major market infrastructure operators are embedding tokenization directly into their core trading systems; trusted digital cash is enabling instant on-chain settlement; and US regulatory clarity is advancing through Congress.
The Depository Trust and Clearing Corporation announced in early May it would begin limited production trades of tokenized securities in July, with a broader platform launch set for October. Nasdaq is developing a framework for blockchain-based share issuance with a potential launch as early as 2027, and has already received regulatory approval to allow certain stocks to be issued and traded on-chain. Intercontinental Exchange, which owns the New York Stock Exchange, also has plans for tokenized stocks.
Stablecoins are central to the settlement layer Citi envisions. The report forecasts the stablecoin market will grow to Ethereum1.9 trillion by 2030, and projects that stablecoin issuers backing their tokens with US government bonds could generate approximately Ethereum1 trillion in new demand for US Treasury bills. If 10% of everyday US investors migrate to digital trading platforms, that would create Ethereum2.6 trillion in demand for tokenized stocks, Citi estimates.
Citi expects tokenization to concentrate in mainstream public markets rather than private ones. The bank projects that 10% of the US Treasury bill market and 3% of the US public stock market will be tokenized by 2030, while complex asset classes such as private credit and private equity are each expected to reach only Ethereum100 billion globally by that date.
The transition will not be immediate, the report notes, with legacy and digital systems expected to run in parallel for years. Citi compares the shift to the gradual adoption of electronic toll systems, where cash and automated lanes operated side by side before full automation took hold, adding cost and friction in the interim.
The report concludes that the firms best positioned to benefit are what Citi calls structural orchestrators: large banks and investment firms that control both the underlying assets and the digital payment rails used to settle trades. That dual control allows them to execute entire transactions within their own networks, giving them a structural advantage as tokenized markets scale.
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