Standard Chartered: Stablecoin Market Could Drive $1 Trillion Demand for Treasury Bills by 2028

Growth Expectations in the Stablecoin Market A new research report published by Standard Chartered reveals that stablecoin issuers are poised to become some of the largest buyers of U.S.
Treasury bills.
The team of analysts, led by Geoffrey Kendrick, the bank's global head of digital asset research, and John Davies, U.S.
rates strategist, expects the stablecoin market capitalization to reach $2 trillion by the end of 2028.
According to the report, this growth will result in issuers accumulating short-term government debt as reserve assets.
The GENIUS Act and Regulatory Framework The GENIUS Act, passed in July 2025, is expected to play a critical role in the increase of stablecoin supply, which currently stands at approximately $300 billion.
This legislative regulation positions short-term Treasury bills as a central reserve asset.
Standard Chartered notes that approximately two-thirds of the projected $2 trillion market will originate from emerging markets, creating an entirely new demand channel.
Shifting Supply and Demand Dynamics In addition to stablecoin growth, the bank included the Federal Reserve's reserve management purchases and the reinvestment processes of maturing mortgage-backed securities in its analysis.
Based on these data, total new demand for bills could reach $2.2 trillion by 2028.
In contrast, the expected net supply of Treasury bills during the same period is projected to remain at $1.3 trillion.
Analysts argue that a supply gap of approximately $900 billion could emerge, and if the U.S.
Treasury does not change its issuance structure, bills could become scarce in the market.
This situation is expected to fundamentally impact global liquidity balances and Treasury market dynamics in the coming years.