Standard Chartered projects the stablecoin market could surge to $2 trillion by 2028, according to a recent report. This growth could drive $1.6 trillion in new demand for US Treasury bills.
The projection relies on the anticipated passage of the US GENIUS Act, which recently cleared the Senate Banking Committee in March. The Act aims to formalize the legal framework for stablecoins, mandating fully reserved stablecoins, preferably backed by highly liquid U.S. assets like T-bills.
Standard Chartered anticipates that this will lead to consistent, large-scale purchases of government debt as stablecoin supply expands. According to Geoffrey Kendrick, head of digital assets research at Standard Chartered, this level of demand could absorb all fresh T-bill issuance planned during a potential second Trump term. The bank expects stablecoin demand to be structurally tied to fiscal markets, as issuers will need to match circulating token supply with liquid reserves, reinforcing the dollar's international role.