Stablecoin市场预计将以价值爆炸，将总市值推向2028年的2万亿美元

该增长将为美国国债的额外需求产生1.6万亿美元，从而有效地吸收了特朗普总统第二任期期间计划的整个新的T-Bill发行。

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.

根据《标准宪章》数字资产研究负责人杰弗里·肯德里克（Geoffrey Kendrick）的说法，即将到来的美国监管框架有望将Stablecoin市场推向新高点，最终到2028年底达到了2万亿美元。

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）在周一发表的一份票据中预测，《天才法案》的预期通过，该法案将阐明稳定的法律待遇，并可能发生在今年的某个时候，它将释放对基于代币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.

他说：“这种增长将需要额外的1.6万亿美元的美国t-bills作为储备。”他补充说，这个数字与特朗普总统第二任期期间计划的整个新的T-Bill发行相同。

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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.”

“美国金融体系和政治体系的稳定性是使无后代的数字款项可信赖的关键。这种信任对于这种新资产类别是必不可少的。”

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.

为什么重要的是：4月通过参议院银行委员会的《天才法》预计将由国会通过，并于今年夏天的某个时候由唐纳德·特朗普总统签署。

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，将要求在持续时间不超过93天的工具中保留稳定的储备。

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）预计，大多数发行人会选择类似于Circle的USDC/USDC/USD储备金类似的策略，该储量持有其在国库券中的88％，平均持续时间仅为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.

如果实现乐观的预测，估计的新的T-Bill需求估计1.6万亿美元将使Stablecoin发行人成为美国短期政府债务持有人的第二大类别，仅落后于货币市场基金，目前持有2.4万亿美元。

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

此外，Stablecoins中的繁荣也可能有助于增强美元的全球影响力。

“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.

肯德里克说：“对以美元计价的稳定储备的需求不断增长，这将为美元产生额外的需求。”他表明，这种趋势将“进一步巩固稳定的稳定性”，并有助于抵消诸如持续关税纠纷之类的宏观逆风。

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