Standard Chartered is expanding its presence in the digital asset sector. Spot trading of Ethereum (ETH) and Bitcoin (BTC) was officially launched by the bank via its institutional crypto platform.
The timing is significant. Bitcoin's price fluctuations are often the focus of cryptocurrency news headlines, but it is the stablecoins that are gaining ground, at least among institutions and regulators.
Discussions closed doors
Geoffrey Kendrick, head of digital asset research at Standard Chartered, travelled between Boston, New York and Washington from 7 to 11 July. He met Bitcoin miners, large investment funds, crypto-native companies, as well as banks and lawmakers.
What caught our attention? Kendrick says that about 90 per cent of the discussions were about stablecoins, rather than Bitcoin or Ethereum, despite Bitcoin hitting all-time highs.
Much of the interest is related to the GENIUS Act, a proposed US law aimed at providing regulatory clarity to digital assets pegged to fiat currencies. According to Kendrick, the bill could be passed within this week.
If this happens, the stablecoin market in the US could take off quickly. According to customer forecasts, the market size could triple from $250 billion in mid-July to $750 billion by the end of 2026.
The drivers?
Growing confidence, a greater variety of issuers, and clear rules. Not only big banks could start issuing tokenized payment instruments, but also regional institutions and even local governments could follow suit.
Kendrick also raised a deeper point: the macroeconomic impact. Financial experts discuss behind the scenes how stablecoins could affect global liquidity and US Treasury yields. Concerns are also raised about potential effects in emerging markets, especially if stablecoins were to become crucial to local economies or for cross-border payments.
A rapidly evolving infrastructure
In the meantime, the infrastructure supporting stablecoins is quietly but rapidly developing. According to a Standard Chartered report, the ecosystem is changing faster than expected.
By September or October, another bill, the Digital Asset Market Clarity Act, could be passed that would promote the adoption of DeFi and accelerate the use of real-world asset tokenization.
On-chain data confirms this expansion: all types of wallets, from centralised exchanges to DeFi apps to individual users, are experiencing an increase in stablecoin balances.
Bitcoin remains a safe haven asset, but the real change is happening elsewhere. Many now see stablecoins as the foundation of programmable money, and organisations such as Standard Chartered are noticing this.
Stablecoins are no longer a niche in the crypto world: thanks to evolving infrastructure and the imminent introduction of new laws, they are becoming the financial rails of the future.
