Standard Chartered analysts forecast stablecoin supply to reach $2 trillion by 2028, potentially leading to $1.6 trillion in additional demand for U.S. Treasury bills if the new crypto regulations proposed this summer are enacted. Currently, the stablecoin market cap is around $230 billion, primarily backed by short-term government debt like T-bills. Geoff Kendrick, a London-based analyst at Standard Chartered, believes clear legal framework would be crucial to triggering this growth. His projections show a $400 billion annual surge in T-bill demand over four years — representing the entirety of a second Trump administration term. This significant buying could absorb the new short-term debt the government plans to issue throughout that period.