Stablecoins and other forms of tokenized liquidity could reach $3.6 trillion by 2030, according to a new report released by financial services giant BNY.
The financial services giant said Monday that stablecoins alone could reach $1.5 trillion in market capitalization by the end of the decade, with token deposits and money market funds contributing the rest.
These instruments, collectively called digital cash equivalents, were seen as tools enabling faster settlement, reducing counterparty risk and improving collateral mobility across markets.
The report highlights that tokenized assets such as US Treasuries and bank deposits could help institutions optimize collateral management and streamline reporting processes. For example, a pension fund could one day use a tokenized money market fund to post margin on a derivative contract almost instantly, a scenario that BNY says could become more common as systems evolve.
Regulation remains a key factor, the report notes. The bank pointed to EU MiCA legislation and ongoing policy work in the US and Asia Pacific as signs that the regulatory environment was maturing in a way that supports both innovation and market stability.
“We stand at a powerful inflection point that could fundamentally transform how global capital markets operate and how their participants transact,” said Carolyn Weinberg, BNY’s chief product and innovation officer.
She envisioned a future in which blockchain would not replace traditional rails but work in tandem. “The combination of traditional and digital has the potential to be a powerful lever for our customers and the world,” she added.
