But planned reforms in the U.S., including a White House executive order and the drafting of two laws — dubbed STABLE and GENIUS — extend the reach of the American stablecoin industry, with one analysis by British bank Standard and Chartered predicting the supply of dollar-backed tokens could hit $2 trillion by 2028, up from $240 billion today. This has prompted panicked warnings from ECB President Christine Lagarde and its digital payments czar Piero Cipollone.