Citi Projects $5.5T Tokenized Market by 2030 as State Street, DBS Launch RWA Products

Crypto News

Ki Young Ju, founder of on-chain analytics firm CryptoQuant, argued on June 17 that altcoins are not dead, but that narrative-only tokens are finished and the era of profiting simply by issuing a token is over. In a thread, he outlined three categories of projects he believes can survive: global internet companies with tokenized market layers such as Binance’s BNB and Telegram-linked TON; revenue-generating DeFi protocols like the Hyperliquid decentralized exchange; and ventures aligned with broader finance through stablecoins, real-world-asset tokenization and AI infrastructure. He urged investors to assess each token individually on business viability, genuine revenue and governance rather than dismissing the sector wholesale.

Citi’s research arm projected that the market for tokenized financial assets could reach $5.5 trillion by 2030 in its base case, with a bearish scenario of $2.7 trillion and a bullish one of $8.2 trillion. The report noted the current tokenized-asset market sits near $17 billion, roughly triple its size a year earlier. Public equities would form the largest category at about $3.6 trillion, with U.S. stocks alone near $2.6 trillion, followed by $1.4 trillion in public bonds. Citi attributed the projected growth to three forces: market-infrastructure giants such as DTCC, NYSE and Nasdaq embedding tokenization, expanding on-chain money, and clearer regulation in the United States.

State Street’s asset-management division on June 16 launched the State Street Stablecoin Reserves Money Market Fund, a government-securities vehicle designed to comply with the GENIUS Act, the U.S. stablecoin law enacted in July 2025. The fund invests in Treasury securities and repurchase agreements to meet issuers’ reserve needs and does not hold stablecoins itself. State Street Bank and Trust and Anchorage Digital joined as initial investors. The company cited forecasts that global stablecoin issuance could climb from $1.9 trillion to $4 trillion by 2030. The launch follows similar government-MMF products rolled out this year by Morgan Stanley, BlackRock, ProShares and Franklin Templeton.

Singapore’s DBS Bank said it will begin offering DBS Physical Gold Tokens to retail customers in the second half of 2026, accessible through its DBS digibank app. Each token is backed by one gram of physical gold, worth roughly 200 Singapore dollars, stored in a dedicated Singapore vault. DBS described the offering as the first to let retail clients digitally hold and trade tokenized physical gold on a single platform, with 24-hour trading, near-instant atomic settlement and an option to redeem tokens for the physical metal. The bank also plans to list the token on its institutional DBS Digital Exchange, subject to demand from accredited and institutional investors.

Cryptocurrency exchange Bitget launched GetAgent Playbook, a strategy-workflow layer within its GetAgent and Bitget AI suite that lets users deploy template-based automated trading from a pre-built strategy library. The product runs through Bitget’s Agent Harness framework, which combines market analysis, execution logic and risk management into auditable workflows operating inside user-approved subaccounts. CEO Gracy Chen said AI trading is shifting from question-and-answer interfaces toward workflow-driven execution. The exchange said more than one million users have traded with its AI tools this year, generating over $1.2 billion in cumulative volume. The AI trading bot feature targets GetAgent Plus and Pro subscribers.

Japanese exchange bitbank issued a warning on June 15 that it may suspend accounts linked to prediction-market services such as Polymarket, citing the possibility that using overseas betting-style platforms for financial gain from within Japan could constitute gambling. Suspended users would lose access to logins, deposits, withdrawals and trading, the exchange said. The notice lands amid wider regulatory uncertainty: Japan’s Financial Services Agency has acknowledged that no dedicated law currently governs blockchain-based prediction markets, while in the United States at least 11 states have taken legal or regulatory action against operators like Kalshi and Polymarket over how event contracts should be classified.

Across these developments runs a single arc: capital is migrating from speculative narratives toward assets with verifiable revenue, regulatory clarity and real-world backing. COINOTAG’s aggregate market data underscores the caution behind that rotation — our Fear & Greed Index sits at 22, deep in Extreme Fear, while Bitcoin dominance holds at 69.8% and total crypto market capitalization stands near $1.87 trillion, signaling defensive positioning over altcoin risk. The primary sources reinforce the theme: Citi’s official report, State Street’s GENIUS Act-compliant fund and DBS’s vault-backed gold tokens all point to institutional infrastructure, not hype, defining the next phase. In a bear-market climate, fundamentals are reasserting their grip.