Interesting note from Standard Chartered on stablecoins & T-bills. Despite supply stalling since October, they still project 2 trillions $ by 2028 (projection cited by the US Treasury). EM would drive 2/3 of demand (net new T-bill demand), vs DM where it’s mostly substitution.

Nothing surprising here & this would mean i/ stablecoin supply further disconnecting from crypto market cycles thanks to new use cases (eg payments, savings, etc) ii/ the US government should embrace offshore stablecoin growth and be more neutral on US onshore stablecoins

That seems fair to me & both outcomes are consensus. You can already see (i) playing out: after the 10/10 bloodbath, stablecoin supply should normally aggressively shrink. Instead, it’s flat as cryptonative use cases are replaced by activity uncorrelated to market cycles.