Standard Chartered Reaffirms $2T Stablecoin Forecast, Lowers T-Bill Demand Outlook

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Analysts at Standard Chartered have reiterated their projection that the stablecoin market will expand to $2 trillion by the end of 2028, even as they temper expectations for the scale of short-term US Treasury bill demand tied to the sector’s growth.

According to Geoffrey Kendrick and US rates strategist John Davies, leading dollar-backed tokens such as Tether’s USDt and Circle’s USDC could drive cumulative T-bill demand to roughly $2.2 trillion by 2028.

The analysts acknowledged that the market capitalization of US dollar stablecoins has plateaued near $300 billion in recent months, reflecting the broader downturn across crypto markets. Still, they maintain a constructive long-term view following the enactment of the GENIUS Act in 2025.

In their latest report, Standard Chartered described the recent slowdown as cyclical rather than structural, reaffirming their expectation that stablecoin market value will ultimately climb to $2 trillion by late 2028.