Stablecoins and other forms of tokenized cash could grow to $3.6 trillion by 2030, according to a new report released by financial giant BNY.
The financial giant said on Monday that stablecoins alone could reach $1.5 trillion in market capitalization by the end of the decade, with tokenized deposits and money market funds contributing the rest.
These instruments, collectively referred to as digital liquidity, were seen as tools to unlock faster settlement, reduce counterparty risk and improve collateral across markets.
The report highlighted that tokenized assets such as US Treasuries and bank deposits could help institutions optimize collateral and streamline reporting processes. For example, a pension fund could one day use a tokenized MMF to almost instantly post margin for a derivatives contract, a scenario BNY says could become more common as systems evolve.
Regulation remains a key enabler, the report noted. 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 ways that could support both innovation and market stability.
“We are at a powerful inflection point that could fundamentally change how global capital markets operate and how its participants trade,” said Carolyn Weinberg, BNY’s chief product and innovation officer.
She envisioned a future where blockchain does not replace the traditional rails, but works together. “The combination of traditional and digital has the potential to be a powerful unlock for our customers and the world,” she added.
