Goldman Sachs Predicts Stablecoin Market to Reach Trillions

The stablecoin market is showing no signs of slowing down. Goldman Sachs now believes the sector could scale into the trillions of dollars in the coming years, driven by mainstream adoption of payments and supportive regulatory frameworks.

• Goldman Sachs projects stablecoin market growth into the trillions.
• Circle’s USDC could expand by $77 billion by 2027, supported by legislation.
• Tether remains the global leader, but competition from U.S. banks is rising.
• Policymakers see stablecoins as a key driver of U.S. dollar expansion worldwide.

Goldman Sachs’ latest research points to payments as the most significant untapped opportunity for stablecoins. Today, the majority of stablecoin activity is tied to crypto trading and dollar demand outside the United States. However, the ability of stablecoins to provide fast, low-cost, and borderless settlement makes them well-positioned to break into mainstream financial infrastructure. If this shift materializes, Goldman argues, the total accessible market for stablecoins could easily run into the trillions.

The bank also highlighted Circle’s USDC as a significant beneficiary of these trends. According to the report, USDC could grow by as much as $77 billion in supply by the end of 2027. The reasoning is that recent stablecoin legislation in the United States has provided clarity and legitimacy for the sector, opening the door for wider adoption. Circle, which has long positioned itself as a regulated and compliant issuer, could ride this wave of institutional and cross-border acceptance — especially under what many consider a crypto-friendly Trump administration.

Still, competition is expected to intensify. Tether’s USDT remains the dominant player in the market, commanding more than half of the global supply with over $166 billion in circulation. Although Tether is not currently available to U.S. investors, the company has expressed strong interest in entering the American market. At the same time, large U.S. banks like Bank of America have already signaled plans to launch their own dollar-pegged stablecoins, raising the stakes for existing issuers.

Beyond the private sector, policymakers are also voicing bullish projections. U.S. Treasury Secretary Scott Bessent has suggested that stablecoins backed by U.S. Treasuries or short-term government debt could create a multi-trillion-dollar market while strengthening the dollar’s role in international payments. “I think that $2 trillion is a very reasonable number, and I could see it greatly exceeding that,” Bessent noted, underlining how closely Washington is now watching this space.

Final thought 

With Wall Street, policymakers, and crypto-native issuers all eyeing stablecoins as a cornerstone of digital finance, the race is on to see who captures the lion’s share of a market that could transform cross-border payments and expand the reach of the U.S. dollar. If Goldman Sachs’ projections hold true, stablecoins may soon become a multi-trillion-dollar force at the heart of global finance.