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Today in crypto, Standard Chartered slashed its forecast for US Treasury demand from stablecoins $800 billion-$1 trillion by 2028, but maintained its $2 trillion stablecoin market call. Bitcoin fell 4% in two hours, wiping out all its weekend gains, and staff at the US Securities and Exchange Commission clarified that broker-dealers can apply a 2% “haircut” to their stablecoin holdings without objection from the SEC.
Standard Chartered analysts stuck to their forecast that the stablecoin market will reach $2 trillion by late 2028, despite lowering expectations for short-term US Treasury bill demand.
Stablecoins like Tether’s USDt (USDT) and Circle’s USDC (USDC) are expected to push T-bill demand to $2.2 trillion by 2028, Standard Chartered analyst Geoffrey Kendrick and US rates strategist John Davies said in a Monday report shared with Cointelegraph.
