Standard Chartered forecasts $2T stablecoin cap and $800B–$1T T-bill demand by 2028

On February 23, 2026, analysts Geoff Kendrick and John Davies projected the stablecoin market cap to reach $2 trillion by end‑2028, implying $800 billion to $1 trillion in additional demand for U.S. Treasury bills. They also estimated total new T‑bill demand near $2.2 trillion when Federal Reserve purchases and mortgage‑backed securities reinvestment are included.