Standard Chartered Bank expects the demand for stablecoins to be structurally linked to the fiscal market, with issuers needing to match the circulating token supply with liquid reserves.

Source: cryptoslate

Translation: Blockchain Knight

Standard Chartered Bank believes that if the upcoming legislation in the United States passes as expected, the supply of stablecoins could balloon to $2 trillion by 2028, creating an additional demand of $1.6 trillion for U.S. Treasury bonds.

This report, authored by Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank, anticipates that the U.S. "Global Economic Network Stablecoin Act" (GENIUS Act) will provide significant support for stablecoins and their development, as the act will formally establish a legal framework for stablecoins.

The act was passed by the Senate Banking Committee in March and is expected to be officially signed into law in the summer.

The "Global Economic Network Stablecoin Act" establishes a regulatory framework requiring stablecoins to achieve full reserves, with a strong preference for using highly liquid U.S. assets such as Treasury bonds as reserves. Standard Chartered estimates that as the supply of stablecoins expands, it will drive continuous and large-scale purchases of government bonds.

Kendrick stated, "Such a scale of demand is sufficient to absorb all the new U.S. Treasury bonds planned for issuance during Trump's second term."

Unlike previous speculative growth, Standard Chartered expects the demand for stablecoins to be structurally linked to the fiscal market, with issuers needing to match the circulating token supply with liquid reserves.

The anticipated $1.6 trillion demand for Treasury bonds only reflects newly issued stablecoins under these terms, excluding traditional tokens or broader digital assets.

The report explains that due to issuers wanting to avoid "maturity mismatch," short-term U.S. Treasury bonds will be the best reserve asset for managing liquidity and market volatility.

The report notes that the rise of regulated dollar-pegged stablecoins may also enhance global demand for the dollar, especially in countries facing currency instability or capital controls.

Standard Chartered believes that the ability to access tokenized dollars through blockchain channels can deepen the dollar's international standing without relying on traditional banking infrastructure.

Kendrick added that this new method of dollar export could serve as a "means to offset the current threats to dollar hegemony in the medium term," particularly in the context of rising trade barriers and increasing currency fragmentation.

As legislation potentially tightens the connection between stablecoins and the U.S. financial system, their influence may evolve from crypto-native tools to a core component of global dollar liquidity and fiscal support.

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