Stablecoins Enter 'ChatGPT Moment' as Citi Projects $4 Trillion Market by 2030

Citigroup has revised its forecast for the stablecoin market, projecting that it could reach a total issuance of $4 trillion by 2030 in a bullish scenario, up from a previous estimate of $3.7 trillion. This update reflects the rapid growth observed in 2025, with stablecoin issuance volumes expanding from approximately $200 billion at the start of the year to $280 billion as of September 2025 . The bank attributes this acceleration to increased adoption of blockchain technology by digitally native companies and growing institutional participation in real-world commerce .

Citi’s analysis highlights that stablecoins could facilitate up to $100 trillion in annual transactions under the base case and double that in the bull case, assuming their velocity aligns with traditional fiat currencies. This potential growth is driven by stablecoins’ role in streamlining cross-border payments, reducing costs, and enhancing transactional efficiency. The bank likens the current phase to blockchain’s “ChatGPT moment,” where its transformative impact on financial infrastructure is becoming evident .

While stablecoins are expected to dominate certain segments, Citi notes that bank tokens—digital representations of traditional deposits—could surpass stablecoins in transaction volume by 2030. This shift is tied to corporate demand for regulatory compliance, real-time settlement, and embedded safeguards. The bank estimates that a small migration of traditional banking processes onto blockchain could push bank token turnover beyond $100 trillion by the end of the decade .

The U.S. dollar remains the dominant currency in on-chain finance, with most stablecoins pegged to it. However, Citi identifies emerging hubs like China Hong Kong and the UAE as centers of innovation in digital money, experimenting with alternative regulatory frameworks. The report emphasizes that stablecoins, bank tokens, and central bank digital currencies (CBDCs) are likely to coexist, each occupying distinct niches in a reimagined financial ecosystem .

Citi’s forecast underscores the evolving role of stablecoins as a bridge between traditional and digital finance. While challenges such as regulatory scrutiny and reserve transparency persist, the bank anticipates continued institutional inflows and technological advancements to sustain growth. The stablecoin market’s trajectory, however, remains contingent on macroeconomic conditions and the resolution of cross-border payment inefficiencies .