London-based Standard Chartered bank published a research report on Tuesday, projecting an unprecedented ten-fold surge in stablecoin supply by the end of 2028 if the GENIUS Act is approved later this year.

There are currently two bills under review by Congress: the Senate’s GENIUS Act and the House’s Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. Reports indicate President Donald Trump is planning on signing both into law “before Congress goes on recess in August.”

If the pending bills are indeed enacted by August, Standard Chartered projects a doubling in the growth rate of non-trade-related stablecoin transactions from 50% to 100% per year, which would send the asset category on a trajectory to top $2 trillion in market capitalization, a ten-fold increase from today’s market size of roughly $230 billion.

“U.S. stablecoin legislation is expected soon, with the GENIUS Act likely to be passed by the summer,” the report explains. “We think this will help total stablecoin supply [to] increase from $230 billion today to $2 trillion by end-2028.”

Interestingly, the report also makes a case for stablecoins augmenting U.S. hegemony. Trump’s tariff policies have weakened the U.S. dollar and reduced demand for U.S. assets. But if stablecoins, most of which are USD-denominated, do indeed surge to a $2 trillion market cap, the greenback would likely increase its global dominance extensively.

“As stablecoin usage increases, this additional source of USD demand should support USD hegemony,” the report explains. Adding that such dominance will act as a “medium-term offset against the current threat to USD hegemony on the back of tariff concerns.”

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