Overview

• Hayes projects dollar‑pegged stablecoins could reach about $10 trillion in circulation by 2028, with a broader scenario totaling as much as $34 trillion by redirecting Eurodollar and Global South deposits on‑chain.
• He attributes a potential policy push to Treasury Secretary Scott Bessent in which deposits migrate to stablecoin platforms that hold T‑bills, with distribution through apps like WhatsApp and pressure via possible limits on Fed swap‑line access during crises.
• He forecasts sharp token gains under this thesis, including roughly 34× for Ether.fi, 51× for Ethena and 126× for Hyperliquid, citing spending, yield and derivatives activity as the drivers.
• Coverage notes the market is far smaller today, with stablecoin supply near $270–$280 billion and Ethena reported at about $12.4 billion in TVL, and some industry forecasts see growth to the low trillions by the late 2020s.
• Reports emphasize that Hayes’ scenario remains unverified, depends on regulatory clarity, technology and mass adoption, and involves projects he supports, raising questions about assumptions and incentives.