Customary Chartered analysts caught to their forecast that the stablecoin market will attain $2 trillion by late 2028, regardless of decreasing expectations for short-term US Treasury invoice demand.
Stablecoins like Tether’s USDt (USDT) and Circle’s USDC (USDC) are anticipated to push T-bill demand to $2.2 trillion by 2028, Customary Chartered analyst Geoffrey Kendrick and US charges strategist John Davies stated in a Monday report shared with Cointelegraph.
Regardless of the US greenback stablecoin market cap stalling at round $300 billion in latest months amid a broader crypto downturn, the analysts stay bullish following the passage of the US GENIUS Act in 2025.
“We see these points as cyclical reasonably than structural, and we proceed to count on stablecoin market cap to achieve $2 trillion by end-2028,” Customary Chartered’s report stated.
Stablecoins could drive Treasury to difficulty extra payments regardless of lowered demand
In accordance with Customary Chartered, stablecoins at the moment are anticipated to generate a further $0.8-$1 trillion in recent T-bill demand to be used as reserves by late 2028, a hefty discount from the $1.6 trillion projected in April 2025, regardless of the passage of the GENIUS Act.
Associated: SEC permits broker-dealers to take 2% ‘haircut’ on stablecoins
Customary Chartered analysts nonetheless count on that the US Treasury could use this potential extra demand as justification to difficulty extra T-bills. They cited Treasury Secretary Scott Bessent’s statements in early February during which he recommended the GENIUS Act could possibly be “an essential characteristic of financing the US authorities.”
The Treasury’s quarterly refunding announcement on the identical day additionally cited “rising demand for Treasury payments from the personal sector,” the analysts famous, including:
“Stablecoin-related demand, along side the Fed’s latest determination to begin RMPs [reserve management purchases] and substitute its maturing MBS [mortgage-backed securities] with T-bills, might arguably trigger T-bills to turn out to be overly scarce.”
Along with forecasting stablecoins to achieve $2 trillion by the top of 2028, Customary Chartered beforehand anticipated Bitcoin (BTC) to hit $500,000 over the identical interval.
Amid ongoing uncertainty in crypto markets, the financial institution’s analysts have lately lowered their BTC worth goal for 2026 from $150,000 to $100,000, projecting the cryptocurrency might fall as little as $50,000 earlier than a possible restoration.
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