Bank of New York Mellon (BNY Mellon), one of the world's largest custodians, has projected that the stablecoin and tokenized cash market will grow to $3.6 trillion (approximately 5,244 trillion won) by 2030.
This is more than 12 times the current global stablecoin market capitalization (approximately $300 billion), and is interpreted as a signal that the financial paradigm shift represented by 'digital money' is about to begin in earnest.
BNY Mellon analyzed in a recent report that “stablecoins alone will reach a market capitalization of $1.5 trillion (approximately 2,185 trillion won) within the next 10 years,” and “along with this, the tokenized deposit and digital money market fund (MMF) market is expected to grow to a size of $2.1 trillion.”
These products are expected to become key infrastructure that will enable institutional investors to manage collateral assets more efficiently and shorten settlement and fund transfer processes.
The report specifically emphasized that “stablecoins are no longer simply a means of exchange but are evolving into fundamental assets of the financial system.”
Currently, major stablecoins such as Tether (USDT) and Circle (USDC) are being used as payment methods in the digital asset market, but in the future, it is highly likely that they will expand into the form of "tokenized cash" linked to bank deposits, money market funds, and government bonds.
BNY Mellon also pointed out that the lines between central bank digital currencies (CBDCs) and private stablecoins are becoming increasingly blurred.
The report concluded that “regulated stablecoins and tokenized deposits will coexist alongside CBDCs being promoted by central banks, accelerating the digital transformation of the global payment network,” and that “ultimately, we are heading toward an ‘Internet of Finance’ era where all assets will be tokenized.”
Currently, BNY Mellon operates its own digital asset custody business and is also participating in experiments with a blockchain-based payment network.
The report added that "as traditional financial institutions increasingly become more active in the issuance and circulation of stablecoins and tokenized cash, a new axis of global capital flows will be reorganized."
