Standard Chartered說

標準特許的一份新報告預測，穩定幣的總供應急劇激增 - 從今天到2028年底到233億美元到2萬億美元

Standard Chartered's new report has some interesting claims about stablecoins reaching $2 trillion by 2028 and huge T-bill demand. However, the report itself is behind a paywall, making it difficult to verify the accuracy and completeness of the information presented.

Standard Charter的新報告有一些有趣的說法，即到2028年到2028年達到2萬億美元和巨大的T-Bill需求。但是，該報告本身是付費牆的背後，因此很難驗證提供的信息的準確性和完整性。

It's important to approach such reports critically and cross-reference the data with other reliable sources to form an informed opinion. Additionally, considering the broader economic and regulatory context is crucial for understanding the implications of such a massive stablecoin market expansion.

重要的是要批判性報告並將數據與其他可靠來源交叉引用，以形成明智的意見。此外，考慮到更廣泛的經濟和監管環境對於理解這種大規模的穩定市場擴張的含義至關重要。

Here's a summary of the key takeaways from the report:

這是報告的關鍵要點的摘要：

* Standard Chartered forecasts a dramatic surge in the total supply of stablecoins—from $230 billion today to $2 trillion by the end of 2028.

*標準憲章預測，穩定幣的總供應急劇激增 - 到2028年底，今天從2,300億美元到2萬億美元。

* The report attributes this surge to the U.S. Congress's move to formally set rules for the digital dollar sector.

*該報告將這一激增歸因於美國國會的舉動，以正式為數字美元部門設定規則。

* The report mentions that the "Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act" could be signed into law this summer.

*該報告提到，今年夏天可以將“為美國穩定的指導和建立國家創新（Genius）法律簽署為法律。

* The legislation recently passed the Senate Banking Committee and is expected to usher in a new era of legal clarity and institutional legitimacy for the stablecoin industry.

*該立法最近通過了參議院銀行委員會，預計將為Stablecoin行業帶來法律清晰和機構合法性的新時代。

* Standard Chartered estimates that stablecoin issuers would need to purchase around $1.6 trillion in T-bills over the next four years—roughly $400 billion annually.

*標準特許估計，Stablecoin發行人在未來四年內需要購買大約1.6萬億美元的T-Bills，每年4000億美元。

* The industry could well account for the largest buying flow of any sector across all U.S. Treasuries.

*該行業可以很好地解釋美國所有國庫中任何行業最大的購買流量。

* Only foreign buyers have matched this scale post-COVID, and even then, it was more diversified across T-bills, notes, and bonds.

*只有外國買家才與此規模相匹配，即使那樣，它在T-Bills，Notes和Bonds中的多元化也更加多樣化。

* Such demand could play a pivotal role in supporting the U.S. government’s borrowing capacity, especially during President Donald Trump’s second term, should the estimated issuance volumes hold true.

*這種需求可能在支持美國政府的借貸能力方面發揮關鍵作用，尤其是在唐納德·特朗普總統的第二任期期間，如果估計的發行量成立。

* With the GENIUS Act requiring reserve holdings to have a duration of 93 days or less, analysts expect stablecoin issuers to follow Circle’s reserve approach as the template.

*由於《天才法》要求儲備金的持續時間為93天或更短的時間，分析師期望Stablecoin發行人遵循Circle的儲備法作為模板。

* Circle currently holds 88% of its USDC reserves in short-term U.S. government bonds, averaging a 12-day duration.

* Circle目前持有其短期美國政府債券的88％的USDC儲備，平均持續12天。

* Given that stablecoin issuers would likely prefer to avoid risk around the time of FOMC meetings, we see Circle’s shorter-duration holdings as a good indication of what the industry will adopt going forward.

*鑑於Stablecoin發行人可能更喜歡在FOMC會議期間避免風險，因此我們將Circle較短的持續資產視為很好地表明了該行業將採取的措施。

* If adopted industry-wide, that model would push total stablecoin-related T-bill holdings to $1.75 trillion by 2028, up from just $150 billion today.

*如果在整個行業範圍內採用，該模型將在2028年將與StableCoin相關的T-Bill持有量提高到1.7.5萬億美元，高於今天的1500億美元。

Overall, Standard Chartered's report provides a glimpse into the potential expansion of the stablecoin market and its implications for the U.S. Treasury market. However, it's crucial to approach these figures with caution and consider the broader economic context to fully evaluate the report's claims.

總體而言，標準Charter的報告可瞥見Stablecoin市場的潛在擴張及其對美國財政市場的影響。但是，至關重要的是要謹慎處理這些數字，並考慮更廣泛的經濟環境來充分評估報告的主張。