Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Today in crypto, Standard Chartered slashed its forecast for US Treasury demand from stablecoins $800 billion-$1 trillion by 2028, but maintained its $2 trillion stablecoin market call. Bitcoin fell 4% in two hours, wiping out all its weekend gains, and staff at the US Securities and Exchange Commission clarified that broker-dealers can apply a 2% “haircut” to their stablecoin holdings without objection from the SEC.

Standard Chartered analysts stuck to their forecast that the stablecoin market will reach $2 trillion by late 2028, despite lowering expectations for short-term US Treasury bill demand.

Stablecoins like Tether’s USDt (USDT) and Circle’s USDC (USDC) are expected to push T-bill demand to $2.2 trillion by 2028, Standard Chartered analyst Geoffrey Kendrick and US rates strategist John Davies said in a Monday report shared with Cointelegraph.

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