Standard Chartered Bank predicts that as demand for dollar-pegged crypto assets accelerates, over $1 trillion may flow out of emerging market banks and into stablecoins by 2028.
In a report released on Monday, Standard Chartered's global research department stated that global adoption of stablecoins is expected to accelerate as payment networks and other core banking services shift to the non-bank sector.
As stablecoins gain attention in emerging markets (EM), Standard Chartered noted that users may leverage stablecoins to obtain essentially dollar-based accounts. "The prevalence of stablecoin holdings in emerging markets is greater than in developed markets, indicating that such diversification is also more likely to occur in emerging markets," the bank stated.
Standard Chartered claims that the use of stablecoins for savings in emerging markets could increase from $173 billion to $1.22 trillion by 2028, suggesting that about $1 trillion may flow out of emerging market banks in the next three years.
The bank stated that the biggest disruption from stablecoins may come from emerging markets, where access to dollars has historically been limited.
By providing consumers with digital, round-the-clock access to dollar accounts, stablecoins represent a lower credit risk than deposits held in local banks, as the U.S. GENIUS Act requires them to be fully backed by dollars.
Standard Chartered indicated that this dynamic increases the risk of deposits flowing from emerging market banking systems to crypto alternatives.
The bank estimates that two-thirds of the current stablecoin supply is already in savings wallets in emerging markets.
Standard Chartered added that countries facing high inflation, weak reserves, and significant remittance inflows are at risk of deposits flowing into stablecoins.
Venezuela is often seen as an example of this shift from banking to stablecoins. With annual inflation rates between 200% and 300%, the value of the bolívar has collapsed, leading citizens to turn to stablecoins as a medium of exchange and a store of value. Merchants now widely price goods in USDT—locally often referred to as "Binance Dollar"—reflecting how stablecoins have replaced the bolívar in everyday commerce amid hyperinflation.
In Chainalysis's 2024 Crypto Adoption Report, Venezuela ranks 13th, with a 110% increase in crypto usage over the year. Small family-owned shops, large retail chains, and venues across the country accept cryptocurrencies through platforms like Binance and Airtm.
In 2023, cryptocurrencies accounted for 9% of the $5.4 billion in remittances sent to Venezuela.
Beyond Venezuela, countries like Argentina and Brazil are increasingly replacing savings with USDC and USDT to hedge against inflation. Many businesses in these countries have begun accepting stablecoins as a payment method.
According to Fireblocks, stablecoins account for 60% of crypto transactions in Brazil and Argentina.
Related: Multicoin executives claim the GENIUS Act could end bank exploitation of users.
Original article: “Standard Chartered: $1 Trillion May Flow from Emerging Market Banks to Stablecoins by 2028”
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