Standard Chartered's latest research report shows that if the U.S. passes new cryptocurrency-related regulations this year, the stablecoin market is expected to exceed $2 trillion by 2028, directly triggering a $1.6 trillion buying spree in U.S. Treasuries! Currently, the total market capitalization of stablecoins is about $230 billion, primarily linked to U.S. short-term government bonds. Standard Chartered analyst Jeff Kendrick predicts that after the new regulations are implemented, stablecoin issuers will purchase $400 billion in U.S. Treasuries each year, enough to absorb all short-term bonds issued by the U.S. government during the same period.
A new leading player in the U.S. Treasury market emerges
The report points out that stablecoins will surpass foreign investors to become the largest buyers in the U.S. Treasury market. Unlike foreign capital that diversifies its investment direction, stablecoin issuers focus on short-term government bonds, which highly aligns with their demand for safety and liquidity.
A new support for dollar hegemony
This trend is reshaping the global financial landscape:
• For every $1 increase in stablecoin reserves, it means $1 flows into the U.S. Treasury market.
• This helps effectively hedge against the impact of trade wars on the dollar.
• Further consolidating the dollar's dominance in the digital currency space.
This year, the market capitalization of stablecoins has risen by 11%, with leading companies Tether and USD Coin continuing to take the lead. With the advancement of the (Genius Act) and (Stability Act), clearer regulations will accelerate industry development.
Kendrick specifically emphasized: "When stablecoins make the use of dollars more convenient, the demand for dollar assets will grow like a snowball. The network effect of digital currencies will further solidify the dollar's position."
Winners in the Paradox
Ironically, despite the pursuit of decentralization in the crypto world, it is deeply tied to the dollar system. The deeper stablecoins penetrate decentralized finance (DeFi) and payment sectors, the more dollar reserves are required. Ultimately, the biggest winner in this game might still be the dollar.
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