Citigroup Center photographed from street level for a Citi tokenization report story.

Citi Says Tokenized Assets Hit $5.5 Trillion by 2030, Led by U.S. Stocks and Treasuries

By Isaac • June 9, 2026 8:17 am • Comments

Citi published a report on June 1, 2026 called Tokenization 2030: Wall Street On-Chain, and the headline figure is large.

Citi’s base case puts the tokenized asset market at $5.5 trillion by 2030. The bear case lands at $2.7 trillion and the bull case at $8.2 trillion.

The starting point is small. Citi pegs the current global tokenized asset market at about $17 billion.

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That gap between today and 2030 is the whole story, and Citi is clear about which assets close it.

Citi says public market securities and liquid collateral lead early adoption, particularly U.S. equities and Treasuries. These are the assets banks and asset managers already trade at scale, so moving them on-chain is an upgrade to plumbing rather than an experiment in exotic private markets.

Citi ran the math on retail demand too. If 10% of U.S. retail investors use on-chain solutions by 2030, that alone could create roughly $2.6 trillion of demand for tokenized public equities.

The report is direct about how this gets settled.

Citi put the adoption case plainly:

Citi added these details:

According to Citi: Citi Institute forecast a $5.5 trillion base case for tokenized assets by 2030, with a $2.7 trillion bear case and an $8.2 trillion bull case. Citi said the current global tokenized asset market is about $17 billion and that public market securities and liquid collateral, particularly U.S. equities and Treasuries, are likely to drive early adoption.

Citi published Tokenization 2030: Wall Street On-Chain on June 1, 2026. Citi forecast a $5.5 trillion base case for tokenized assets by 2030.

Citi also described a $2.7 trillion bear case and an $8.2 trillion bull case. Citi said the current global tokenized asset market stands at about $17 billion.

Citi said public market securities and liquid collateral, particularly U.S. equities and Treasuries, are likely to drive early adoption. Citi said if 10% of U.S. retail investors use on-chain solutions by 2030, that could create about $2.6 trillion of demand for tokenized public equities.

Citi said tokenization of financial assets is the companion to tokenized cash and described digital money as the foundational enabler. Stablecoins alone could generate demand for up to $1 trillion worth of on-chain U.S. Treasury bills and $2.6 trillion for tokenized stocks, citing Citi.

Tokenized securities need tokenized money to settle against, and Citi treats that as the foundation.

The company calls digital money the foundational enabler and tokenized cash the companion piece. Without on-chain settlement money, tokenized assets are stuck waiting on legacy rails.

That puts stablecoins at the center of the forecast.

Citi put the stablecoin point plainly:

Citi added these details:

According to Citi: Digital money is the foundational enabler for tokenized financial assets, and tokenized cash is the companion piece needed for settlement. Tokenized assets can trade on-chain, but the settlement side still needs money that moves natively through the same environment.

Citi’s forecast puts institutions at the center of the value-capture question. Banks, asset managers, stablecoin issuers, and market infrastructure firms may try to control issuance, distribution, and settlement.

That is where the economics sit if tokenization scales from a $17 billion market into trillions.

The current adoption path is focused on public market securities and liquid collateral. U.S. equities, Treasuries, and money-market-style assets are easier to scale than fragmented private assets because they already have deep markets, standardized processes, and large investor demand.

Citi also tied the growth case to on-chain retail access. If 10% of U.S. retail investors use on-chain solutions by 2030, the estimate points to about $2.6 trillion of demand for tokenized public equities.

That is why stablecoins matter inside the tokenization forecast. They are not the entire market, but they are the settlement layer that lets tokenized securities move without waiting for off-chain money movement to catch up.

The stablecoin demand figures are big on their own.

CoinDesk added these details:

According to CoinDesk: Citi projected tokenized real-world assets could grow from about $17 billion today to a $5.5 trillion base case by 2030, with U.S. stocks and government bonds expected to lead. Stablecoins alone could create demand for up to $1 trillion of on-chain U.S. Treasury bills and about $2.6 trillion for tokenized stocks.

Citi said tokenization of financial assets is the companion to tokenized cash and described digital money as the foundational enabler. Stablecoins alone could generate demand for up to $1 trillion worth of on-chain U.S. Treasury bills and $2.6 trillion for tokenized stocks, citing Citi.

Citi forecast a $5.5 trillion base case for tokenized assets by 2030. Citi also described a $2.7 trillion bear case and an $8.2 trillion bull case.

Citi said the current global tokenized asset market stands at about $17 billion. Citi said public market securities and liquid collateral, particularly U.S. equities and Treasuries, are likely to drive early adoption.

There is a fork in the road inside these numbers, and it decides who gets paid.

If Wall Street firms simply use blockchain infrastructure to run the same securities business faster, the banks and asset managers keep the economics. If crypto-native projects own the issuance, distribution, and settlement rails, the value accrues to them instead.

Citi’s framing leans toward incumbents controlling those rails, which is a sober read for anyone expecting tokenization to hand the whole prize to crypto-native builders.

The current market still tells a different story than the 2030 projection.

On-chain real-world asset value remains concentrated among a handful of platforms. A June 8 snapshot from Token Relations listed Securitize, Ondo Finance, Circle, Tether, Paxos, Spiko, and Maple Finance among the leaders by RWA value, with the top names measured in single-digit billions.

That snapshot is the reality check against Citi’s headline. A $17 billion market split across a short list of issuers has a long way to climb to reach $5.5 trillion.

The path Citi describes runs through U.S. equities, Treasuries, and stablecoin settlement, which are the most regulated and liquid corners of finance. If the forecast holds, tokenization becomes a story about Wall Street’s core assets going on-chain rather than a niche private-market experiment, and the firms that control the rails set the terms.

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