Tokenized Assets Could Hit $8.2 Trillion by 2030

Citigroup's comprehensive tokenization outlook projects substantial growth in on-chain financial assets over the coming years, with forecasts ranging from $5.5 trillion in a base case to $8.2 trillion under optimistic market conditions by 2030. This expansion would represent a meaningful shift in capital markets infrastructure, particularly as digitally native investors increasingly demand 24/7 access to financial instruments. The growth trajectory reflects recognition that tokenization extends beyond speculative digital assets to encompass traditional securities, bonds, and commodities on decentralized infrastructure.

Public market securities are positioned as the primary driver of near-term adoption. U.S. equities and Treasury instruments are expected to lead the transition, supported by a demographic shift toward younger retail investors comfortable with on-chain trading. Citi's analysis suggests that if just 10% of U.S. retail investors adopt on-chain solutions by 2030, this segment alone could generate approximately $2.6 trillion in demand for tokenized equities. This figure underscores the scale of potential market penetration and the significance of generational investor behavior change in accelerating adoption timelines.

The institutional foundation for tokenization is materializing through integration efforts by core market infrastructure providers. The Depository Trust & Clearing Corporation (DTCC), New York Stock Exchange (NYSE), and Nasdaq are embedding tokenization capabilities into production systems, moving beyond pilot programs toward operational deployment. This infrastructure development, coupled with evolving regulatory frameworks, is expected to unlock institutional adoption among traditional financial institutions that have historically remained on the sidelines of blockchain-based settlement.

Tokenized cash and digital money mechanisms serve as critical infrastructure enablers for the broader tokenization ecosystem. Regulated stablecoins and tokenized bank deposits address trust and settlement efficiency concerns, enabling reliable Delivery-versus-Payment mechanics and reducing counterparty risk. These foundational layers are essential for institutional participation, as they provide the liquidity rails necessary for seamless on-chain transactions at scale.

The competitive landscape will likely consolidate around "structural orchestrators"—integrated financial institutions controlling issuance, distribution, and settlement infrastructure. Banks, asset managers, and stablecoin issuers positioned to control these vertically integrated value chains stand to capture disproportionate value through programmability features and composable financial products. Rather than revolutionary overnight transformation, market participants expect hybrid models blending traditional and tokenized infrastructure to dominate the transition period through 2030.