Stablecoin市場預計將以價值爆炸，將總市值推向2028年的2萬億美元

該增長將為美國國債的額外需求產生1.6萬億美元，從而有效地吸收了特朗普總統第二任期期間計劃的整個新的T-Bill發行。

According to Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, forthcoming U.S. regulatory framework is expected to push the stablecoin market to new highs, ultimately reaching $2 trillion by the end of 2028.

根據《標準憲章》數字資產研究負責人杰弗裡·肯德里克（Geoffrey Kendrick）的說法，即將到來的美國監管框架有望將Stablecoin市場推向新高點，最終到2028年底達到了2萬億美元。

In a note published Monday, Kendrick predicts that the expected passage of the GENIUS Act, which will clarify the legal treatment of stablecoins and likely occur sometime this year, will unlock a massive wave of demand for tokenized dollar-based instruments.

肯德里克（Kendrick）在周一發表的一份票據中預測，《天才法案》的預期通過，該法案將闡明穩定的法律待遇，並可能發生在今年的某個時候，它將釋放對基於代幣的工具的巨大需求浪潮。

“That growth will need an extra $1.6 trillion of U.S. T-bills to be held as reserves,” he said, adding that this figure is equal to the entire new T-bill issuance planned during President Trump’s second term.

他說：“這種增長將需要額外的1.6萬億美元的美國t-bills作為儲備。”他補充說，這個數字與特朗普總統第二任期期間計劃的整個新的T-Bill發行相同。

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“The stability of the U.S. financial system and political system are key to rendering unbacked digital monies trustable. And that trust is essential for this new asset class to take off.”

“美國金融體系和政治體系的穩定性是使無後代的數字款項可信賴的關鍵。這種信任對於這種新資產類別是必不可少的。”

Why It Matters: The GENIUS Act, which passed the Senate Banking Committee in April, is expected to be passed by Congress and signed by President Donald Trump sometime this summer.

為什麼重要的是：4月通過參議院銀行委員會的《天才法》預計將由國會通過，並於今年夏天的某個時候由唐納德·特朗普總統簽署。

Once enacted, it will mandate that stablecoin reserves be held in instruments with a duration of no more than 93 days.

一旦制定，將要求在持續時間不超過93天的工具中保留穩定的儲備。

Kendrick anticipates that most issuers will opt for a strategy similar to Circle's model for USDC USDC/USD reserves, which holds 88% of its backing in Treasury bills with an average duration of just 12 days.

肯德里克（Kendrick）預計，大多數發行人會選擇類似於Circle的USDC/USDC/USD儲備金類似的策略，該儲量持有其在國庫券中的88％，平均持續時間僅為12天。

If the optimistic projections are realized, the estimated $1.6 trillion in new T-bill demand would make stablecoin issuers the second-largest class of short-term U.S. government debt holders, trailing only money market funds, which currently hold $2.4 trillion.

如果實現樂觀的預測，估計的新的T-Bill需求估計1.6萬億美元將使Stablecoin發行人成為美國短期政府債務持有人的第二大類別，僅落後於貨幣市場基金，目前持有2.4萬億美元。

Moreover, the boom in stablecoins could also serve to reinforce the U.S. dollar's global influence.

此外，Stablecoins中的繁榮也可能有助於增強美元的全球影響力。

“Rising demand for USD-denominated stablecoin reserves would create additional demand for USD,” Kendrick stated, suggesting that this trend will "further entrench USD dominance of stablecoins" and help offset macro headwinds such as ongoing tariff disputes.

肯德里克說：“對以美元計價的穩定儲備的需求不斷增長，這將為美元產生額外的需求。”他表明，這種趨勢將“進一步鞏固穩定的穩定性”，並有助於抵消諸如持續關稅糾紛之類的宏觀逆風。

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