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Standard Chartered Bank: Global Stablecoin Market Value Expected to Reach $20 Trillion by End of 2028
Summary: According to reports, Standard Chartered Bank estimates that up to $1 trillion may flow from deposits in emerging market banks to stablecoins in the next three years, as tokens pegged to the US dollar provide households and businesses with a way to access dollars with low friction, bypassing local banks. Geoffrey Kendrick, Global Head of ...
According to reports, Standard Chartered Bank estimates that up to $1 trillion may flow from deposits in emerging market banks to stablecoins in the next three years, as tokens pegged to the US dollar provide households and businesses with a way to access dollars with low friction, bypassing local banks.
Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, and Madhur Jha, Global Economist and Head of Thematic Research, pointed out that for these emerging market users, stablecoins have effectively become US dollar-denominated bank accounts.
Historically, emerging markets have been hotspots for stablecoin applications due to the large unbanked population. The bank noted that even with the US 'GENIUS Act' requiring zero yield for compliant issuers, this trend may accelerate as capital preservation is more important than asset returns.
Standard Chartered Bank predicts that the total market value of global stablecoins will reach $20 trillion by the end of 2028 (the bank noted that this forecast has been cited by the US Treasury Department), with an estimated two-thirds of current stablecoin supply actually serving as savings for deposits in emerging market banks.
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Link: Standard Chartered Bank: Global Stablecoin Market Value Expected to Reach $20 Trillion by End of 2028 [Copy]
