Standard Chartered: Stablecoins Could Drive Up to $1T in T‑Bill Demand by 2028

Standard Chartered projects stablecoin market capitalization could reach about $2 trillion by 2028 and that reserve growth may generate between $800 billion and $1 trillion of additional demand for U.S. Treasury bills, positioning stablecoin issuers as major buyers of short‑term government debt ^[3][2].

The report and related coverage note that roughly $0.9 trillion of excess T‑bill demand is a working estimate and say that such inflows could allow the Treasury to scale back long‑dated bond issuance; the bank also flagged higher odds that 30‑year Treasury auctions could be reduced or suspended, while other coverage noted the Treasury might increase T‑bill issuance to accommodate the shift ^[1][4][3].

Analysts and press coverage underscore that the findings describe projected demand tied to stablecoin reserve expansion and could materially affect the structure of the U.S. sovereign debt market if realized, but they remain forward‑looking estimates rather than observed flows to date ^[3][2].

Standard Chartered's note concludes that growing stablecoin reserves could meaningfully reshape Treasury bill demand and influence long‑term issuance decisions if the projected inflows materialize ^[1][3][4].