Standard Chartered: Stablecoins Could Drive $1 Trillion in Treasury Bill Demand by 2028

Strong Demand from Digital Assets for Traditional Finance According to a report prepared by Standard Chartered's digital asset research unit, stablecoin issuers are poised to become among the most significant buyers of U.S.
Treasury bills.
The bank states that this development could provide the U.S.
Treasury with strategic room to reorganize its debt issuance structure.
2028 Projections and Market Volume The analyst team, led by Geoffrey Kendrick, the bank's global head of digital asset research, and John Davies, U.S.
interest rate strategist, maintains their expectation that the stablecoin market capitalization will reach $2 trillion by the end of 2028.
With the current supply standing at approximately $300 billion, this increase would create a new demand for Treasury bills ranging between $800 billion and $1 trillion, as issuers accumulate short-term government debt as reserve assets.
The GENIUS Act and Structural Changes Under the framework of the GENIUS Act, passed in July 2025, regulated stablecoin issuers in the U.S.
are required to hold high-quality liquid assets.
In this structure, short-term Treasury bills play a central role.
Standard Chartered estimates that two-thirds of the projected $2 trillion stablecoin market will originate from emerging markets, creating entirely new demand for Treasury bills.
Potential Shortage in Supply and Demand Balance Taking into account the growth of stablecoins along with the Federal Reserve's reserve management purchases and the reinvestment of maturing mortgage-backed securities, the bank calculates that total new bill demand could reach approximately $2.2 trillion by 2028.
During the same period, the expected net supply of Treasury bills is projected to remain at around $1.3 trillion.
Consequently, a supply gap of approximately $900 billion could emerge, potentially making bills scarce in the market unless the Treasury adjusts its issuance structure.