Standard Chartered Maintains $2 Trillion Stablecoin Forecast Despite Lower T-Bill Impact
Standard Chartered analysts have reaffirmed their bullish outlook on the stablecoin sector, maintaining a $2 trillion stablecoin market cap forecast by the end of 2028, even as they lowered expectations for short-term US Treasury bill (T-bill) demand.
The latest report signals that institutional confidence in the long-term growth of stablecoins remains intact, despite short-term market stagnation.
💵 Stablecoin Market Cap Expected to Hit $2 Trillion
According to Standard Chartered analysts Geoffrey Kendrick and John Davies:
- Stablecoins could reach $2 trillion in total market capitalization by late 2028
- USDT and USDC will remain dominant players
- Growth is viewed as cyclical slowdown — not structural weakness
Currently, US dollar-pegged stablecoins are hovering around a $300 billion market cap, reflecting a pause amid broader crypto market volatility.
However, analysts cite the passage of the US GENIUS Act in 2025 as a structural tailwind for stablecoin adoption.
🏦 T-Bill Demand Forecast Trimmed — But Still Massive
While the bank maintained its stablecoin growth projection, it lowered its forecast for additional T-bill demand generated by stablecoin reserves.
Revised estimate:
- $800 billion to $1 trillion in new T-bill demand by 2028
Previous estimate (April 2025):
- $1.6 trillion
This reduction reflects recalibrated expectations, but the overall impact remains significant.
Stablecoin issuers like:
- Tether (USDT)
- Circle (USDC)
primarily back reserves with short-term US Treasury bills, making stablecoin growth directly linked to US government debt markets.
📊 Could Stablecoins Make T-Bills Scarce?
Standard Chartered suggests that stablecoin-driven demand — combined with:
- Federal Reserve reserve management purchases (RMPs)
- Replacement of maturing mortgage-backed securities with T-bills
could make Treasury bills increasingly scarce.
If T-bill demand outpaces supply, the US Treasury may issue more short-term debt to accommodate market demand.
This dynamic positions stablecoins not just as crypto instruments — but as macroeconomic liquidity drivers.
🌐 Why This Matters for Crypto Markets
A $2 trillion stablecoin market would mean:
- Greater on-chain liquidity
- Increased DeFi participation
- Stronger crypto trading volumes
- Enhanced global dollar access
Stablecoins are the backbone of:
- Crypto exchanges
- DeFi lending
- Yield strategies
- Web3 payments
- Cross-border settlements
If stablecoin supply expands dramatically, it could act as dry powder for future Bitcoin and altcoin rallies.
🪙 Bitcoin Outlook Also Adjusted
In addition to the stablecoin forecast:
- Standard Chartered previously projected Bitcoin to reach $500,000 by 2028
- However, its 2026 price target was reduced from $150,000 to $100,000
- Analysts acknowledge potential downside toward $50,000 before recovery
This reflects a cautious medium-term outlook but long-term structural optimism.
🚀 Stablecoins as the Infrastructure of Web3
Stablecoins like USDT and USDC have evolved into critical infrastructure for:
- Crypto trading
- Institutional settlement
- Global remittances
- On-chain payments
- Digital commerce
As adoption increases, access to stablecoin-compatible tools becomes increasingly important.
Platforms like KXZ Store, which offer digital crypto vouchers and crypto gift card solutions, help bridge traditional payment systems with stablecoin-powered ecosystems — supporting users entering Web3 finance, exchange funding, and digital asset transactions.
As stablecoins scale toward the projected $2 trillion mark, access and usability will become key growth drivers.
📈 Final Thoughts: Structural Growth vs Cyclical Slowdown
Standard Chartered’s updated forecast reinforces a key narrative:
The stablecoin market slowdown appears cyclical, not structural.
Even with trimmed T-bill demand projections, the long-term trajectory toward $2 trillion remains intact.
If realized, this would significantly reshape:
- US Treasury markets
- Global dollar liquidity
- Crypto market structure
- Web3 financial infrastructure
Stablecoins are no longer niche crypto tools — they are becoming integral components of global financial plumbing.