Standard Chartered sticks to $2T stablecoin call but trims T-bill impact

CoinTelegraph

by Helen Partz

February 23, 2026

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Standard Chartered has revised its forecasts for the stablecoin market, maintaining a bullish outlook while adjusting expectations for short-term U.S. Treasury bill (T-bill) demand. The bank initially predicted that stablecoins like Tether’s USDt and Circle’s USDC would drive T-bill demand to $2.2 trillion by 2028 but has now trimmed this estimate to between $800 billion and $1 trillion. Despite this adjustment, Standard Chartered remains confident that the overall stablecoin market will reach $2 trillion by late 2028. The analysts behind this report, Geoffrey Kendrick and John Davies, attribute their bullish stance on stablecoins to several factors. They highlight the growing adoption of stablecoins in DeFi (decentralized finance) applications and institutional crypto investments. The recent stalling of the U.S. dollar stablecoin market at around $300 billion, despite a broader crypto downturn, is seen as a temporary lull rather than a sign of long-term stagnation. The revised forecast reflects concerns about near-term T-bill demand due to slower growth in certain regions and macroeconomic uncertainties. However, the analysts emphasize that these challenges are expected to be short-lived. They point to regulatory clarity, such as the U.S. GENIUS Act, which they believe will further boost stablecoin adoption and drive market expansion. This updated outlook underscores the critical role of stablecoins in shaping the future of crypto and traditional financial markets. The predicted growth of the stablecoin market to $2 trillion by 2028 highlights their potential as a bridge between the crypto ecosystem and traditional finance, offering stability and liquidity in volatile markets. For investors and institutions, this suggests significant opportunities for growth and diversification in the cryptocurrency space. The revised forecasts also provide valuable insights into the interplay between stablecoins and T-bills. While reduced demand in the short term may impact U.S. Treasury yields, the long-term outlook remains positive due to the increasing integration of stablecoins into global financial systems. This dynamic will likely influence policy decisions, regulatory frameworks, and investment strategies as the crypto and traditional finance sectors continue to converge. In summary, Standard Chartered’s updated forecasts reflect a nuanced understanding of the challenges and opportunities facing

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Originally published on CoinTelegraph on 2/23/2026