The U.S. Treasury Department anticipates unprecedented growth in the stablecoin market over the coming years, expecting the market value of these digital assets to double to 2 trillion dollars by 2028, up from 234 billion dollars in April 2025.
This estimate was reported in an official report released on April 30, highlighting the accelerated transformation in the structure of the digital and financial market.
This expected growth largely depends on the passage of regulatory legislation such as the 'GENIUS' Act, which aims to establish a clear legal framework for stable payment coins, defined as digital assets linked to fiat currencies that do not generate a yield.
The law also sets strict rules for the financial reserves of these currency issuers, aimed at enhancing trust and stability in the market.
Additionally, the House Financial Services Committee approved the 'STABLE' Act in April, which grants the Office of the Comptroller of the Currency the authority to regulate and oversee non-bank stablecoin issuers.
These regulations are expected to stimulate demand for short-term treasury bonds, with estimates indicating that issuers may hold up to a trillion dollars of these bonds by 2028.
The department also expects the volume of stablecoin transactions to grow from the current 700 billion dollars monthly to about 6 trillion dollars monthly by 2028, which is almost 10% of the global volume of spot foreign exchange transactions.
If the required regulatory clarity is achieved, stablecoins could become a central financial tool, not only in the digital financial system but also in traditional finance, including corporate treasury and sovereign liquidity management.
The report also indicates that stablecoins allow users, especially in emerging markets, to access the US dollar without the need for local or US bank accounts, thereby enhancing the dollar's global standing.
In the current context, stablecoins make up about 8% of the total market value of the cryptocurrency market, which exceeds 3 trillion dollars.
Tether (USDT) occupies the first position with a market share of 61%, followed by Circle's USDC at 25%, and then the decentralized digital currency USDS at 3%.
Despite PayPal's PYUSD having a modest share of 0.36%, it has seen notable growth this year thanks to its partnership with Coinbase.
