BlockBeats News, October 7th, according to Cointelegraph, Standard Chartered Bank predicts that with the accelerated growth in demand for USD-backed crypto assets, by 2028, there may be over $1 trillion flowing out of emerging market banks into stablecoins.
In a report released on Monday, Standard Chartered Bank’s Global Research department stated that as payment networks and other core banking services gradually shift to the non-bank sector, the global adoption rate of stablecoins will accelerate.
Standard Chartered pointed out that with the proliferation of stablecoins in Emerging Markets (EM), users may gain de facto USD-based accounts through stablecoins. “In EM, stablecoin adoption rates are higher than in Developed Markets (DM), indicating that such assets’ diversification behavior is more common in EMs,” Standard Chartered wrote in the report.
The bank stated that the size of EM stablecoins used for savings is expected to grow from $173 billion to $1.22 trillion, implying that approximately $1 trillion may flow out of emerging market banking systems in the next three years.
