Goldman Sachs Predicts a Trillion-Dollar Stablecoin Gold Rush

Is crypto about to fuel the next big wave in global finance? Goldman Sachs thinks so.

According to the Wall Street giant — and echoed by U.S. Treasury Secretary Scott Bessent — we’re on the brink of a stablecoin gold rush that could reshape payment systems, boost demand for U.S. Treasuries, and potentially create a multi-trillion-dollar market.

Why Stablecoins Are Suddenly in the Spotlight

Stablecoins are cryptocurrencies pegged to stable assets like the U.S. dollar or short-term Treasuries. Unlike Bitcoin or Ethereum, which swing wildly in value, stablecoins are designed to be rock-steady. And that stability is what’s now attracting Wall Street’s attention.

Bessent recently told the Financial Times that stablecoins could become a critical source of demand for U.S. government bonds. The Treasury is even preparing to issue more short-term debt to meet that demand.

“This groundbreaking technology will buttress the dollar’s status as the global reserve currency, expand access to the dollar economy for billions, and lead to a surge in demand for U.S. Treasuries,” Bessent said in July.

This confidence is backed by the newly passed GENIUS Act, which provides long-awaited regulatory clarity, aligning state and federal frameworks for stablecoins. In other words: the rules of the game are finally being written, and Wall Street is paying attention.

Goldman Sachs: The Stablecoin Opportunity Is Massive

In a fresh research paper, Goldman Sachs analysts called today’s stablecoin market — valued at around $271 billion — just the beginning.

They singled out USDC (Circle’s dollar-pegged stablecoin) as a likely winner, projecting it could grow by 40% annually through 2027, fueled by regulatory clarity and broader crypto adoption.

But here’s the kicker: the real opportunity isn’t in crypto trading. It’s in global payments.

Goldman estimates that stablecoins could eventually tap into Visa’s estimated $240 trillion annual payment market, with consumer payments alone making up about $40 trillion. Right now, stablecoins are mainly used by crypto traders or by people abroad seeking dollar exposure. But if they go mainstream — powering everyday transactions and business payments — we’re looking at a trillion-dollar revolution.

A New Force in the Bond Market

There’s also a bond market angle here. Every stablecoin issued must be backed by dollars or Treasuries. That means billions — and eventually trillions — could flow into U.S. government bonds simply because of stablecoin growth.

Research from the Bank for International Settlements (BIS) suggests that when money floods into stablecoins, short-term Treasury yields actually fall. The BIS found that a surge in stablecoin inflows lowers 3-month yields by around 2–2.5 basis points within 10 days. Interestingly, outflows have the opposite effect, raising yields by two to three times as much.

That could make stablecoins a subtle but powerful force in shaping U.S. debt markets.

But Not Everyone’s Convinced

Not everyone buys the hype. UBS’s Paul Donovan argued today that stablecoins don’t really increase demand for government debt — they just shuffle money around.

“Someone selling Treasury bills to buy stablecoins, which invest the money back into Treasury bills, does not change demand for U.S. debt instruments,” Donovan told clients. In his view, stablecoins are more of a financial recycling tool than a true source of new capital.

The Market Mood

Ahead of the New York open, global markets were relatively quiet:

S&P 500 futures: flat (after yesterday’s 0.59% drop)

STOXX Europe 600: +0.13%

FTSE 100: +0.23%

Nikkei 225: –1.51%

CSI 300: +1.14%

KOSPI: –0.68%

Nifty 50: +0.28%

Bitcoin: down to $113.9K

The Bottom Line

Whether you see stablecoins as a revolutionary bridge between crypto and traditional finance, or just another repackaged financial instrument, one thing is clear: Wall Street and Washington are betting big.

With trillions in potential payments volume up for grabs and a clearer regulatory framework now in place, Goldman Sachs isn’t exaggerating when it calls this moment a stablecoin gold rush.

The only question left: Who’s going to strike gold first?