US banks may lose $500 billion to stablecoins by 2028, Standard Chartered warns

Core Insights - Standard Chartered estimates that U.S. dollar-backed stablecoins could withdraw approximately $500 billion in deposits from U.S. banks by the end of 2028 [1] Group 1 - The analysis indicates a significant potential shift in banking deposits towards stablecoins, highlighting the growing influence of cryptocurrency in the financial sector [1] - This trend may reflect broader changes in consumer behavior and preferences for digital assets over traditional banking systems [1] - The forecast suggests that the adoption of stablecoins could accelerate, driven by factors such as increased regulatory clarity and technological advancements [1]