Today’s primary concern involves a potential strike on Iran and the withdrawal of U.S. personnel from the region, which has heightened geopolitical risks, adversely affecting the short-term outlook.
However, the U.S. Secretary of the Treasury has a long-term perspective, highlighting the significant potential of stablecoins, which could surpass the trillion-dollar mark, an advantageous development for the broader cryptocurrency economy.
Forecast for 2028 in Cryptocurrency
For the first time in history, stablecoins have exceeded a valuation of a quarter billion dollars. As cryptocurrencies witness unprecedented growth, stablecoins concurrently gain strength. The U.S. Secretary of the Treasury anticipates even greater milestones will be reached.
In his Senate testimony, U.S. Treasury Secretary Scott Bessent predicted that the total market value of stablecoins could reach 2 trillion dollars by 2028. This statement came after the Senate Appropriations Committee approved the GENIUS Act, suggesting that the U.S. might provide robust governmental support for stablecoins as a matter of policy.
Such speculation is justified as stablecoins naturally generate demand for U.S. bonds.
“I believe that legislation backed by U.S. Treasury or T-bills will create a market expanding the usage of the U.S. dollar worldwide. Two trillion dollars is very reasonable, and I believe the figure could be much higher. Throughout the history of the U.S. dollar as the reserve currency, many assumed it would lose its status, but a new mechanism to reinforce it has always emerged.”
Trump aims to have stablecoin legislation on his desk by August this year. Although the draft awaiting signature has initially been approved, the process is still ongoing. It will need to combine with the House of Representatives’ bill (STABLE) to form GENIUS.
The Future of Cryptocurrencies
The market capital of stablecoins alone reaching 2 trillion dollars signifies substantial strengthening in liquidity within cryptocurrency markets. Currently, the total value of cryptocurrencies is over 3 trillion dollars, and with the inclusion of stablecoins, this figure is expected to surpass 5 trillion dollars. This correlates with an anticipated increase in interest, driving prices upwards.
Not only are companies like Tether and Circle prominent, but numerous traditional financial giants are also making their presence known in this field. PayPal is advancing, and Bank of America is preparing to launch its own stablecoin. Furthermore, traditional financial giants like PayPal issue these tokens on flagship networks such as Ethereum.
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2,753, indicating the inseparability of altcoins and stablecoins.
