Tokenization 2030 - Wall Street On-Chain
Download Tokenization 2030 hereKey Takeaways
1. Growth predictions: We forecast a $5.5 trillion base case for tokenized assets by 2030, rising to $8 trillion in a bull case. Public market securities and liquid collateral, particularly U.S. equities and treasuries, are likely to drive early adoption and expand distribution to digitally native investors.
2. Liquid assets on-chain: Modern, digitally native investors increasingly expect 24x7 access to financial assets. Equities, bonds and commodities could move on-chain as younger retail investors drive adoption. If 10% of U.S. retail investors use on-chain solutions by 2030, this could create about $2.6 trillion of demand for tokenized public equities.
3. Institutional catalysts: Major market infrastructure providers, including DTCC, NYSE, and Nasdaq, are beginning to integrate tokenization into their core platforms. As pilot programs transition into production, supported by evolving regulation, adoption among traditional financial institutions could accelerate.
4. Digital money is the foundational enabler: Tokenization of financial assets is the companion to tokenized cash. Regulated stablecoins and tokenized deposits can help engender trust in on-chain settlement for Delivery-versus-Payment (DvP), improving capital efficiency and reducing settlement risk.
5. “Structural orchestrators” emerge: Tokenization could create new revenue pools through programmability, composability and vertically integrated business models. Institutions may look to control issuance, distribution and settlement rails (e.g., select banks, asset managers, stablecoin issuers) in order to capture value.
6. Evolution, not revolution – hybrid models set to dominate: The transition will be gradual. We expect a “messy” period where tokenized and legacy systems operate side by side. Hybrid models and interoperability between on-chain and off-chain worlds are critical to scaling.
The tokenization of financial assets – the representation of securities as digital tokens on blockchain infrastructure – is moving from pilot stage toward operational deployment. After years of slow progress held back by regulatory uncertainty, fragmented infrastructure and the absence of on-chain settlement money, adoption is now accelerating.
The current global tokenized asset market stands at approximately $17 billion. Citi Institute projects this to reach $5.5 trillion by 2030 in a base case scenario, with a bear case of $2.7 trillion and a bull case of $8.2 trillion. Growth is expected to be led by public market securities – particularly U.S. equities and treasuries – rather than private markets, where adoption remains early-stage and structurally constrained.
Three forces underpin this shift. First, major financial market infrastructure providers, including the Depository Trust & Clearing Corporation (DTCC), New York Stock Exchange (NYSE), and Nasdaq, are integrating tokenization into core issuance, trading and settlement workflows, moving well beyond experimentation. Second, the growth of regulated on-chain money, including stablecoins (projected at $1.9 trillion by 2030) and tokenized deposits, is providing the settlement foundation that earlier tokenization efforts lacked. Third, regulatory clarity is improving across key jurisdictions.