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Investing.com -- Bernstein expects the global stablecoin market to surge to $4 trillion by 2035, as part of what it calls the “blockchain utility era” that is re-architecting the financial rails of the future.
In a report on Wednesday, Bernstein said the U.S. is “building a regulatory framework to become the crypto capital of the world,” citing the GENIUS Act and the Securities and Exchange Commission’s “Project Crypto” as major catalysts.
“The GENIUS Act has unleashed a stablecoin boom,” analysts led by Gautam Chhugani wrote, noting that digital dollar stablecoins already exceed $260 billion in circulation.
“We see stablecoins growing to a $4Tn market by 2035E, extending into cross-border banking and payments,” Bernstein stated, adding that tokenization of real-world assets “will unleash digital-native capital markets.”
The firm described the new phase of crypto as “the blockchain utility era, not speculative boom-bust.”
Bernstein rated Circle, Coinbase, Robinhood, Figure, IREN, and Strategy as Outperform, saying the group’s “earnings tailwinds are sustainable, driven by regulatory tailwinds, not merely by crypto upside.”
Circle was highlighted as “the regulated category leader for stablecoins,” while Coinbase and Robinhood are “leveraging blockchain-native tokenization towards a universal ‘Everything Exchange.’”
The report also pointed to Strategy’s continued accumulation of Bitcoin, describing it as “the world’s largest Bitcoin treasury exceeding $65Bn.” Meanwhile, Figure has “emerged as the leading credit-tokenization marketplace with $13Bn active loans tokenized.”
Bernstein sees the shift toward regulated, institutional participation marks “a more sustainable digital assets cycle” led by a handful of “new titans of the blockchain era.”