Standard Chartered: It is expected that the total market capitalization of global stablecoins will reach 2 trillion USD by the end of 2028.

On October 6, Standard Chartered Bank estimated that up to $1 trillion could shift from deposits in emerging market banks to stablecoins over the next three years, as dollar-pegged tokens provide households and businesses a way to bypass local banks and gain low-friction exposure to the dollar. Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered, and Madhur Jha, Global Economist and Head of Thematic Research, pointed out that for these emerging market users, stablecoins have effectively become "dollar-denominated bank accounts." Historically, emerging markets have been hotspots for stablecoin adoption, primarily due to the large population of unbanked individuals. The bank noted that even if the U.S. GENIUS Act imposes zero-yield requirements on compliant issuers, this trend may still accelerate, as "capital safety is more important than asset yield." Standard Chartered predicts that the total market capitalization of stablecoins will reach $2 trillion by the end of 2028 (the bank notes that this forecast has been cited by the U.S. Treasury), and estimates that about two-thirds of the current stablecoin supply effectively serves the savings function of emerging market bank deposits.