Emerging Market Banks to Shift $1T into Stablecoins by 2028

Standard Chartered’s Global Research forecasts that over $1 trillion will shift from emerging market bank deposits into USD stablecoins by 2028. Fueled by inflation, currency volatility and limited access to US dollar accounts, stablecoin adoption is surging in high-inflation countries such as Venezuela, Argentina and Pakistan. Emerging markets now hold about two-thirds of the global stablecoin supply in savings wallets. The bank predicts stablecoin market cap will reach $2 trillion, with stablecoin savings rising from $173 billion today to $1.22 trillion by 2028. This deposit flight may strain local banking systems and cross-border payments. To mitigate risks, Standard Chartered advises banks to offer reserve custody services to stablecoin issuers and integrate stablecoins into treasury and clearing operations.