Stablecoins Could Grow to $4 Trillion By 2030
The stablecoin market is expanding faster than expected. According to Citibank, total issuance grew from around $200 billion at the beginning of 2025 to $280 billion by September.
New forecast: $1.9 trillion baseline, $4 trillion in bull case
Citibank projects that the value of stablecoins in circulation could reach $1.9 trillion by 2030 in its baseline scenario. Under a more favorable bull case, the market could surge to $4 trillion — an upgrade from previous estimates of $1.6 trillion and $3.7 trillion.
If stablecoins circulate as quickly as fiat currencies, they could facilitate up to $100 trillion in annual transactions by 2030, potentially doubling in the bull case.
Citibank compares this development to a “ChatGPT moment” for Blockchain — the point at which the technology moves into mainstream use and becomes integral for digital-native companies.
Bank tokens could overtake stablecoins
The report highlights that stablecoins may not be the ultimate leader in on-chain finance. Bank tokens — such as tokenized deposits, where funds are held in a bank and issued digitally on the Blockchain — may prove even more powerful.
These tokens could surpass stablecoins thanks to corporate demand for regulated solutions, instant settlement, and built-in compliance. Even a partial migration of banking infrastructure to the Blockchain could push transaction volumes beyond $100 trillion by the end of the decade.
Dollar dominance and new innovation hubs
The US dollar is expected to remain dominant, as most on-chain money is dollar-denominated, reinforcing demand for US Treasuries. At the same time, new hubs such as Hong Kong and the United Arab Emirates are emerging as centers of innovation.
Not a battle, but new infrastructure
According to Citibank, this is not about stablecoins replacing banks. Instead, the financial system is undergoing a transformation where stablecoins, bank tokens, and CBDCs will coexist, each serving distinct roles.
Sources:
https://www.citigroup.com/global/insights/digital-dollars