Citi raises stablecoin forecast to $4trn by 2030, says bank tokens may surpass in volume

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Citi raises stablecoin forecast to $4trn by 2030, says bank tokens may surpass in volume

Citi now sees stablecoin issuance reaching $1.9–4 trillion by 2030, supporting up to $200 trillion in transactions. While bank tokens may ultimately surpass stablecoins in turnover due to regulatory appeal, the U.S. dollar is expected to retain its dominant role in digital finance.

Citigroup has raised its forecast for the stablecoin market, projecting issuance could reach $1.9 trillion in its base case and as much as $4 trillion in a bullish scenario by 2030. That’s up from earlier estimates of $1.6 trillion and $3.7 trillion, reflecting faster-than-expected adoption of blockchain and growing use of digital assets in real-world commerce.

Stablecoins could also underpin vast transaction volumes, with Citi estimating annual turnover of $100 trillion in the base case and up to $200 trillion in a bull case if their velocity mirrors fiat currencies. The bank highlighted that blockchain’s transparency and efficiency are driving adoption across cross-border payments and everyday business use.

Even so, Citi noted bank-issued tokens such as tokenized deposits may ultimately eclipse stablecoins in transaction volume, potentially exceeding $100 trillion by 2030, as companies seek both compliance with regulations and real-time settlement.

The report also reaffirmed the U.S. dollar’s dominance in digital finance, with most stablecoins still dollar-pegged, though emerging hubs such as Hong Kong and the UAE are experimenting with alternative models. Citi expects stablecoins, bank tokens and CBDCs to coexist in a reimagined financial system.