Clients of the American division of Standard Chartered Bank are showing an increasing interest in stablecoins, reflecting current trends in the crypto industry.
Clients of the Bank and Stablecoins
According to Jeffrey Kendrick, Head of Digital Asset Research at Standard Chartered, around 90% of recent client discussions have focused on stablecoins, while interest in Bitcoin has diminished. Meetings were held in Washington, D.C., New York, and Boston, where participants discussed the economic impact of stablecoins and projected market growth to $750 billion by the end of 2026.
Regulatory Initiatives in the U.S.
The discussions coincided with the U.S. government's active review of legislation to regulate the cryptocurrency industry, particularly the GENIUS Act focused on stablecoins. On July 15, the House of Representatives rejected three cryptocurrency-related bills; however, following news of the President's meeting with House members, a new voting schedule was proposed. Kendrick noted that once legislation such as the GENIUS Act is passed, stablecoins are likely to see widespread adoption for payments.
JPMorgan's Strategies in Utilizing Stablecoins
JPMorgan, the largest bank in the U.S., is exploring the possibility of entering the stablecoin market despite previous skepticism. CEO Jamie Dimon acknowledged the need to investigate this direction due to competition from fintech companies. The bank is testing its JPMD stablecoin on the Base blockchain, supported by Coinbase, which may become a part of its emerging blockchain infrastructure.
The growing interest in stablecoins, combined with active regulatory efforts and the adaptation strategies of major banks, highlights a potential shift in traditional financial systems, with a forecasted growth to $750 billion pointing towards a significant impact.
