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Citigroup is expecting the market for tokenized assets is expected to expand from approximately $17 billion currently to $5.5 trillion by the end of the decade, signaling the emergence of blockchain technology as a key part of capital markets and changing the function of crypto rails completely. The bank’s report, titled “Tokenization 2030: Wall Street On-Chain,” outlines different scenarios in relation to the speed of implementation of the process of on-chain settlement in institutional operations. Wall Street’s plumbing goes on-chain What separates this forecast from earlier tokenization hype is the players behind the infrastructure. The Depository Trust and Clearing Corporation , which processes the post-trade settlement for virtually all U.S. equities, announced in May that it will facilitate initial production trades of tokenized securities in July 2026, with a full-service launch planned for October. More than 50 firms have joined DTCC’s industry working group, including BlackRock, Goldman Sachs, J.P. Morgan, Morgan Stanley, Circle, Ondo Finance, and Robinhood. Nasdaq is building a blockchain-based stock issuance system. Intercontinental Exchange , which owns the New York Stock Exchange, is also taking its own steps to tokenize stocks. The simultaneous moves by three of the major institutions within the existing market system indicate something more substantial. “The industry has moved past talk,” said Nadine Chakar, managing director and global head of DTCC Digital Assets, during a panel at Consensus 2026 in May. “Tokens are now moving on-chain in production environments.” Stablecoins as the demand engine Citi’s report ties tokenization growth directly to the stablecoin market, which the bank expects to reach $1.9 trillion by 2030. Because stablecoin issuers hold U.S. Treasuries as reserve assets, that expansion alone could generate up to $1 trillion in new demand for on-chain government debt. The connection matters for crypto markets. The growth in the number of stablecoins has become one of the key drivers behind crypto activity, and Citibank’s prediction seems to be another step towards integration between traditional and blockchain finance systems. More Treasury-backed stablecoins in circulation means more liquidity flowing through on-chain venues. Citi expects TradFi and digital finance to coexist According to Citi , the phenomenon of tokenization will mostly occur in the form of public assets rather than privately-owned ones. It projects that as much as 10% of the short-term treasury securities in the U.S., as well as 3% of all listed equities, could end up being tokenized by 2030. If even 10% of U.S. retail investors shift to digital trading platforms, demand for tokenized stocks could reach $2.6 trillion. This focus on the public markets is significant when considering the competition between blockchain networks in terms of attracting institutional capital. According to an analysis by the Cañizares Center for Emerging Markets at Cornell University, tokenized equities would allow for emerging market investors to enter the U.S. markets by circumventing capital controls and expensive brokerage services. Citi expects the traditional financial system and the digital financial system to operate side by side for the foreseeable future. In that environment, the bank sees large institutions that control both real-world assets and digital payment networks gaining a structural advantage. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .