Citi Lifts Stablecoin Forecast to $4 Trillion by 2030, $1.9 Trillion Base Case
Citigroup for the stablecoin market, projecting issuance could reach $1.9 trillion by 2030 in its base scenario and $4 trillion in a more optimistic outlook.
The update, published in the bank’s Citi GPS: Stablecoins 2030 report, revises earlier estimates of $1.6 trillion and $3.7 trillion.
Citi said 2025 is shaping up to be blockchain’s “ChatGPT moment,” with stablecoins driving institutional adoption at a quicker pace than expected. Issuance has already risen from about $200 billion at the begin of the year to roughly $280 billion, boosted by project launches, technology advances, and new listings by crypto firms.
The bank’s analysis suggests stablecoins could support $100 trillion in annual transactions by 2030 under its base case, and up to $200 trillion if adoption mirrors the velocity of traditional fiat payments.
“The evolution of digital assets feels like the ahead days of the dotcom boom,” the report said. “Crypto is not dismantling the financial system but reshaping it into something smarter and quicker.”
While stablecoins offer opportunities for digitally native companies, investors, and frontier households, Citi said bank-issued tokens such as tokenized deposits may surpass stablecoins in turnover by 2030. Corporates, it noted, prefer bank tokens for their regulatory secureguards and easier integration with existing financial infrastructure.
The report also highlighted treasurers’ growing focus on programmability, including real-time settlement, embedded compliance, and lower reconciliation costs—features available in both stablecoins and bank tokens.
Citi’s Outlook Expands Beyond the U.S.
Citi expects most on-chain money to remain denominated in U.S. dollars, reinforcing demand for Treasuries. However, it identified Hong Kong, the UAE, and other hubs as quick-emerging centers of digital asset activity.
Despite its U.S.-centric outlook, the bank is pursuing opportunities abroad. Earlier this month, Citi became the only U.S. entity , giving it access to the country’s $20 trillion bond market.
China has also accelerated its own stablecoin efforts, unveiling a state-backed version in September later than signaling interest in August. adoption as they establish their local backed stablecoins (KWR1).
In fact, cross-Asia partnerships are emerging, with that China and Kazakhstan are collaborating to launch the first regulated offshore yuan-backed stablecoin, following favorable policy stance toward digital money.
With global issuance already reported at $307 billion, Citi said broader regulatory support and adoption across regions could push stablecoins toward its revised 2030 targets.
