Stablecoin Market Set to Surge to $2 Trillion by 2028, According to US Treasury Report
The rapid growth of the cryptocurrency and digital asset economy has contributed to the expansion of the stablecoin market both in the United States and globally, according to a report from the US Treasury released on April 30.
The report indicates that the stablecoin market cap, currently valued at $234 billion as of April 2025, could see an 8.3x increase, potentially reaching $2 trillion by 2028.
Big Growth Projections for Stablecoins
The Treasury’s projections assume the passage of the GENIUS Act, which would provide clear regulatory frameworks and promote greater market confidence, further driving stablecoin adoption.
The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) defines stablecoins as digital assets redeemable at a fixed value, pegged to fiat currency but non-yield-bearing. It also sets reserve requirements for stablecoin issuers.
The US House Financial Services Committee recently passed the STABLE Act, granting the Office of the Comptroller of the Currency (OCC) authority to approve and supervise nonbank payment stablecoin issuers.
With the expected growth, stablecoin issuers could hold around $1 trillion in short-dated US Treasuries by 2028. The Treasury also predicts stablecoin transactions could surge from approximately $700 billion per month today to around $6 trillion per month by 2028, which would represent nearly 10% of global forex spot transactions.
If regulatory clarity is established, stablecoins could become a major financial instrument not only for the crypto community but also for traditional finance, corporate treasury, and sovereign liquidity management.
Stablecoin Market Overview
The current stablecoin market capitalization is $244.5 billion, representing roughly 8% of the total cryptocurrency market cap, which stands at just over $3 trillion.
Tether dominates the stablecoin market with a 61% share, circulating $149 billion USDT. Circle follows with $61 billion in USDC, securing 25% of the market, while decentralized USDS (formerly DAI) holds 3%.
PayPal’s PYUSD stablecoin has shown considerable growth this year, although it holds less than 0.36% of the total stablecoin market share.
