Citi analysts anticipate that the market for tokenized securities will grow to $5.5 trillion by 2030, according to a report titled Tokenization 2030: Wall Street On-Chain cited by CoinDesk.
The current market segment is valued at approximately $17 billion.
Citi's base scenario estimates a range of $2.7 to $8.2 trillion, depending on the pace of adoption. The bank projects that by 2030, 10% of U.S. short-term Treasury securities and 3% of the public U.S. equity market could transition to blockchain. Citi believes that stablecoins could generate an additional demand for U.S. government bonds of up to $1 trillion.
Previously, the bank had issued more conservative forecasts. In its report Money, Tokens, and Games, it discussed a potential of $4 trillion in tokenized financial and real assets in private markets by 2030.
Separately, analysts estimated the market for tokenized stocks at $4 to $5 trillion, along with around $1 trillion in transactions within trade financing and collateral segments. Citi is already testing its infrastructure; in November 2024, the bank, in collaboration with Fidelity International, launched a pilot program featuring a tokenized money market fund and a digital currency swap.
At that time, Citi projected the segment's growth to $400 billion by 2030. In May, it was reported that the U.S. is preparing a regulatory framework for trading tokenized securities.
In November 2025, IOSCO stated that RWA creates new vulnerabilities, despite the potential to transform the issuance and trading of financial assets.
As a reminder, in May, the market capitalization of tokenized U.S. government bonds on Ethereum reached a record $8 billion.