- Up to $1 trillion could transfer from emerging-market banks to stablecoins in the next three years, according to Standard Chartered.
- About two-thirds of the current stablecoin supply is already being used as savings in emerging market bank accounts.
- Standard Chartered forecasts the global stablecoin market could reach $2 trillion by the end of 2028.
- The stablecoin market recently exceeded $300 billion, with U.S. dollar-backed coins such as Tether (USDT) and USD Coin (USDC) making up more than 99% of the market.
- India, Nigeria, and Indonesia are leading in stablecoin adoption, driven by savings, cross-border payments, and decentralized finance (DeFi) use.
Standard Chartered analysts have projected that up to $1 trillion may move from emerging-market bank deposits into stablecoins within the next three years. This shift is being driven as some users treat stablecoins—digital assets tied to assets like the U.S. dollar—as alternatives to traditional bank accounts.
According to a note to investors, roughly two-thirds of current stablecoin holdings already function as savings in accounts based in emerging markets. The firm estimates that the global stablecoin market could expand to $2 trillion by the end of 2028.
The outlook contrasts with J.P. Morgan Global Research, which published a lower market growth forecast between $500 billion and $750 billion over the same period. A J.P. Morgan analyst stated, “Overall, while adoption is poised to grow further, it might be at a slower pace than some anticipate,” noting that stablecoin infrastructure is still developing.
As of now, data from DefiLlama shows that the stablecoin market’s capitalization has risen above $300 billion, led by Tether (USDT) at $176.94 billion and USD Coin (USDC) at $74 billion. U.S. dollar-tied stablecoins dominate the field, controlling more than 99% of global market share. The largest non-dollar stablecoin is the Russian ruble-backed A7A5, with a market value of $500 million.
Emerging markets continue to drive global adoption. Chainalysis identified India, Nigeria, and Indonesia as leading countries in stablecoin use. In these regions, stablecoins are used for retail savings, facilitating cross-border payments, and supporting decentralized finance (DeFi) applications.
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