
Jefferies projects crypto IPOs could reach $1T market cap by 2031, driven by tokenization and stablecoin adoption. 10-15 listings expected in 18-24 months.
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Jefferies has published a forecast that puts a concrete number on the crypto IPO pipeline. The Wall Street bank projects that public listings of crypto and blockchain-related companies could collectively reach a $1 trillion market capitalization by 2031. The forecast emerged from Jefferies' inaugural Digital Assets Investor Conference, held on May 27 in New York, which gathered about 150 institutional investors and executives from 35 digital asset firms.
The core thesis rests on two pillars: the tokenization of real-world assets (RWAs) and the integration of stablecoins into payments and settlements. Tokenization of RWAs means taking traditional financial instruments like money market funds and private credit and putting them on a blockchain, enabling faster settlement, around-the-clock trading, and access to a global investor base.
Jefferies expects 10 to 15 crypto-native IPOs in the next 18 to 24 months. This is a material acceleration from the 2026 pace, which slowed compared to a more active 2025.
Several firms are already in the pipeline:
The conference consensus pointed toward a pivot away from speculative token plays and toward revenue-generating blockchain applications encompassing trading platforms, payment processors, lending protocols, and tokenized product issuers.
Institutional interest in partnerships for faster settlement and 24/7 payments via stablecoins is increasing, according to the conference's takeaways. The conference also highlighted impending regulatory clarity as a catalyst.
Legislation like the proposed CLARITY Act is expected to give firms the legal guardrails they need to go public. The bill, which has stalled in the Senate amid ethics fights, would clarify which digital assets are securities versus commodities. A clear legal framework reduces the legal liability risk that has kept many crypto firms private.
Tokenization of real-world assets is not a theoretical concept. Money market funds and private credit are the early candidates. Placing these on a blockchain allows for:
Practical rule: The $1 trillion figure is a ceiling, not a base case. It assumes that tokenized assets reach meaningful adoption in institutional portfolios and that stablecoins become a standard settlement rail. Both assumptions are contested.
Several concrete markers would strengthen the Jefferies forecast:
Several risks could derail the forecast:
The naive read is that Jefferies is simply bullish on crypto and is projecting a wave of IPOs. The better read is that Jefferies is positioning itself as the go-to underwriter for crypto-native companies. The bank's inaugural conference and the $1 trillion forecast are marketing signals to potential IPO clients. The forecast is self-fulfilling to the extent that it attracts issuers.
The real question for investors is not whether 10 to 15 crypto IPOs happen. It is whether those IPOs are revenue-generating businesses with clear paths to profitability, or whether they are token projects dressed up as companies. The conference's emphasis on revenue-generating applications suggests Jefferies is betting on the former. The market will test that bet when the first major listing prices.
Risk to watch: The 18-to-24-month window is long enough for the macro environment to shift. A recession, a credit crunch, or a regulatory crackdown could push the timeline out. The $1 trillion figure is a bull-case scenario, not a central forecast.
The conference takeaway was that blockchain technology is transitioning from speculative investment toward a role within core financial infrastructure. If that transition is real, the IPO pipeline is the first major test. If it is not, the pipeline will remain a pipeline.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.