The US Treasury expects
the stablecoin market to rise to $2 trillion by 2028
The US Treasury Department expects the stablecoin market to witness
unprecedented growth in the coming years, expecting the market value of
these digital assets to double to reach $2 trillion by 2028
up from $234 billion in April 2025.
This estimate was contained in an official report issued on April 30, highlighting
the accelerating transformation in the structure of the digital and financial market.
This expected :
growth is largely based on the passage of :
- regulatory legislation such as the “GENIUS” Act
- which aims to establish a clear legal framework
- for stable payment currencies
which are defined as digital assets linked to
fiat currencies that do not generate revenue.
The law also :
sets strict rules for financial reserves for issuers of these currencies
with the aim of enhancing confidence and stability in the market.
Additionally :
the US House of Representatives Financial Services Committee passed
the “STABLE” Act in April, which gives the Office of the Federal Currency
Controller the authority to regulate and monitor non-bank stablecoin issuers.
These regulations :
are expected to contribute to stimulating demand for short-term Treasury bonds
as estimates indicate that issuers may hold up to $1 trillion of these bonds by 2028.
The Ministry also :
expects the volume of stablecoin :
- transactions to grow
- from $700 billion per month
- currently to about $6 trillion per
month in 2028, which is equivalent to approximately 10% of
the volume of global spot foreign exchange market transactions.
If the required :
regulatory clarity is achieved :
- stablecoins may turn into a central financial instrument
- 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, which enhances the dollar’s global standing.
In the current context :
stablecoins make up approximately 8% of the total market
capitalization of the cryptocurrency market, which exceeds $3 trillion.
Tether (USDT) :
holds the top spot with a 61% market share, followed by Circle's
USDC at 25% and the decentralized digital currency USDS at 3%.