Stablecoins to $4 trillion? Bernstein says, Hold my wallet
STABLECOINS TO $4 TRILLION? BERNSTEIN SAYS, HOLD MY WALLETBrokerage firm Bernstein said it expects the stablecoin market to reach $4 trillion by 2035, cementing its role in the digital asset ecosystem as clearer regulations drive demand higher.The implementation of the GENIUS Act, and the expected passage of the CLARITY Act, in the U.S. have unlocked higher institutional participation in digital assets, with digital dollar stablecoins now exceeding $260 billion in supply, the brokerage said.The comments highlight how stablecoins are rapidly advancing from a niche crypto instrument into mainstream financial plumbing. Bernstein named Circle as the leading regulated issuer, with $75 billion in USD Coin supply and $2.7 trillion in annual transaction volume, saying the company is "well positioned to lead this next phase under the GENIUS Act." Figure, which manages $13 billion in active tokenized loans, was the "clear market leader in tokenized private credit," the brokerage added.Additionally, Coinbase and Robinhood are building "everything exchanges," expanding beyond crypto into tokenized equities and derivatives, Bernstein said."Coinbase dominates U.S. crypto trading with over 70% market share," the analysts wrote, while Robinhood, with crypto now accounting for about 40% of its retail trading revenue, is "evolving into a financial services leader for a new generation."Bitcoin miners such as IREN are also transforming, shifting toward AI data centers and targeting a $3.4 billion annualized revenue run rate from their AI cloud business by 2026.