I just read a rather interesting report from Standard Chartered on how stablecoins could change the face of the global financial market. According to their forecast, stablecoin issuers will become major buyers of U.S. Treasury bills, potentially creating demand of $0.8 to $1 trillion by 2028. That’s not a small figure.

What is driving this trend? The stablecoin market capitalization is expected to rise to $2 trillion, with emerging markets contributing a significant portion. The GENIUS Act requires stablecoin issuers to hold high-quality liquid assets, and short-term Treasury bills are exactly what they need.

What does this mean for Kho bạc Mỹ? They are about to face a supply-demand gap of about $0.9 trillion for short-term Treasury bills over the next three years. This could force them to adjust their issuance structure—potentially increasing short-term bill auctions while reducing long-term bond auctions.

But wait, there’s another interesting point. Tether USDt currently holds more than $120 billion in Treasury bills, showing that stablecoins have already started to affect this market. In addition, this shift could also redirect $500 billion from bank deposits to the government Treasury bill market.

Standard Chartered predicts that the yield curve will steepen, with the 10-year yield reaching around 4.6% by the end of the year. Overall, the macroeconomic impact of stablecoins is becoming increasingly clear, and their role in the global economy will continue to grow.