Implications of $1 Trillion Shifting from Emerging Market Bank Deposits to US Stablecoins by 2028

Analysts Geoffrey Kendrick and Madhur Jha project that up to $1 trillion could shift from emerging market (EM) bank deposits into US dollar-pegged stablecoins by the end of 2028. This reflects growing demand for stablecoins as a hedge against local currency volatility, inflation, and limited access to traditional USD accounts. Approximately $173 billion two-thirds of

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