PANews reported on April 16 that according to The Block, Standard Chartered Bank's latest report predicts that the upcoming US Stablecoin Regulation Act (GENIUS Act) will drive the global stablecoin scale from the current US$230 billion to US$2 trillion by the end of 2028. Geoffrey Kendrick, the bank's head of digital assets, pointed out that the bill will provide legal status for the industry and prompt stablecoin issuers to increase their holdings of US debt on a large scale.

The report shows that in the next four years, the stablecoin industry's demand for U.S. Treasuries is expected to reach $1.6 trillion - enough to absorb all new short-term Treasury bonds issued during Trump's term if he is re-elected; at an average of $40 billion per year, the stablecoin industry may become the largest buyer group in the U.S. Treasury market. In addition, Circle has currently allocated 88% of its USDC reserves to short-term U.S. Treasuries, and this model may become an industry standard. Analysts believe that the rapid development of U.S. dollar stablecoins will consolidate the status of the U.S. dollar in the short term, but in the long run, the emergence of stablecoins backed by other currencies may pose a challenge to the status of the U.S. dollar. It is worth noting that the bill requires that the term of stablecoin reserve assets shall not exceed 93 days, which will prompt issuers to concentrate on allocating short-term Treasury bonds, further affecting the structure of the U.S. Treasury market.