Standard Chartered sticks to $2T stablecoin call but trims T-bill impact

Standard Chartered slashed its forecast for T-bill demand from stablecoins to $800 billion to $1 trillion by 2028, but maintained its $2 trillion stablecoin market call.

Standard Chartered analysts stuck to their forecast that the stablecoin market will reach $2 trillion by late 2028, despite lowering expectations for short-term US Treasury bill demand.

Stablecoins like Tether’s USDt (USDT) and Circle’s USDC (USDC) are expected to push T-bill demand to $2.2 trillion by 2028, Standard Chartered analyst Geoffrey Kendrick and US rates strategist John Davies said in a Monday report shared with Cointelegraph.

Despite the US dollar stablecoin market cap stalling at around $300 billion in recent months amid a broader crypto downturn, the analysts remain bullish since the passage of the US GENIUS Act in 2025.