Standard Chartered Bank Predicts Stablecoin Market Cap to Reach $2 Trillion by 2028

On October 6, Standard Chartered Bank predicted that the global stablecoin market cap would reach $2 trillion by the end of 2028. The bank expects that within the next three years, approximately $1 trillion in funds may shift from emerging market bank deposits to stablecoins, as they provide users with a low-friction way to gain exposure to the U.S. dollar. Standard Chartered noted that stablecoins have already become the 'dollar-denominated bank accounts' in emerging markets. Despite the U.S. GENIUS Act restricting compliant issuers to zero yields, this trend could still accelerate.