Citi has revised upward its projections for the stablecoin market, forecasting issuance to reach $1.9 trillion in its base case and $4 trillion in a bullish scenario by 2030.
This comes as issuance volumes have already climbed from $200 billion in early 2025 to $280 billion. The bank said stablecoins could support up to $100 trillion in annual transaction volumes by the decade’s end, potentially doubling under stronger adoption.
However, Citi argued stablecoins will not dominate on-chain finance entirely. Bank tokens, such as tokenized deposits, may surpass stablecoins in transaction volume, driven by corporates seeking embedded compliance and real-time settlement.
The report highlighted the U.S. dollar’s continued dominance, with most on-chain money still dollar-denominated, though hubs like Hong Kong and the UAE are emerging. Citi framed the rise of stablecoins as part of a broader reimagining of finance, with stablecoins, bank tokens, and CBDCs expected to coexist in a diversified digital money ecosystem.
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