Stablecoins, digital tokens tied to predominantly fiat currencies like the U.S. dollar, will balloon to a $1.2 trillion market by 2028 and even have an impact on U.S. debt markets, Coinbase analysts projected in a Thursday report.

The forecast, published by the exchange’s research arm led by David Duong, is based on a stochastic model simulating thousands of growth paths for the stablecoin sector.

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