A Citi GPS report released ahead of Proof of Talk in Paris forecasts a 300-fold expansion in tokenized real-world assets by 2030, projecting 10% of T-bills and 3% of U.S. equities on-chain alongside a $1.9 trillion stablecoin float. The report is notable for its institutional sourcing and the concurrent operational moves by DTCC, Nasdaq, and ICE, signaling that infrastructure build-out is already underway rather than purely speculative.
For Armada's crypto-repo desk, tokenized T-bills are an accepted collateral class. This projection materially expands the addressable counterparty universe — hedge funds, family offices, and market makers will increasingly hold tokenized instruments that could be posted as repo collateral. Armada should track which tokenization platforms DTCC and Nasdaq choose, as custody and settlement interoperability with Fireblocks will be a prerequisite for accepting these instruments.