Standard Chartered pushes $2T stablecoin forecast to 2030 as transaction volumes grow
Standard Chartered has revised its forecast for stablecoin market capitalization, moving the $2 trillion target from 2028 to 2030, noting that despite a plateau in overall market value, transaction activity continues to increase. This suggests that existing stablecoins are being circulated more frequently rather than growth being driven by new supply. The bank also highlights the impact of emerging US regulatory and accounting frameworks on stablecoin usage by businesses.
Transaction Activity Growth Amid Market Plateau
In a report shared with Cointelegraph, Standard Chartered revealed that while the stablecoin market capped at about $309 billion in 2024, transaction volumes are rising. This indicates that existing stablecoins are circulating more frequently, driven by diversified use cases rather than new supply.
Geoffrey Kendrick, head of digital assets research at Standard Chartered, pointed out that stablecoin usage continues to broaden despite slower supply growth, as various applications for these tokens increase.
Four Key Stablecoin Markets and Their Leaders
Kendrick categorized four distinct competitive markets: emerging-market savings, developed-market payments, crypto trading, and AI-agent transactions.
In emerging-market savings, Tether’s USDT dominates; Circle’s USDC leads developed-market payments. Both USDC and Ethena’s USDe hold strong positions in crypto trading, while USDC is also the top player in the smaller niche of AI-agent transactions.
Standard Chartered anticipates the fiercest competition in developed-market payments, where challengers like USDG, M^0, and multi-bank stablecoin networks are vying to create alternatives to existing payment infrastructure.
Kendrick emphasized that how issuers and payment networks share yield generated from stablecoin reserves will be crucial in determining market share winners.
US Regulatory and Accounting Developments
Recent US legislative and accounting proposals may significantly influence stablecoin utilization. Since the passage of the GENIUS Act in 2025, regulators have proposed rules on issuance, reserve requirements, and consumer protection.
An FDIC proposal has clarified limits by potentially excluding stablecoin holders from deposit insurance safeguards.
In August 2024, the Treasury Department proposed that stablecoin issuance in the US be limited to federally or state-authorized issuers, with licensing expected by January 2027.
Separately, the Financial Accounting Standards Board (FASB) suggested updates that could alter how companies account for certain stablecoins on their balance sheets. Blockchain payments firm Tempo commented that these changes may facilitate stablecoin usage in payments and settlements by reducing accounting complications.
Why it matters
This news highlights the dual dynamics of the stablecoin market: while overall market capitalization remains steady, transaction activity intensifies. This signals a maturation phase where growth shifts from token issuance to expanding uses across segments. Additionally, the emerging US regulatory and accounting frameworks demonstrate how legal and financial rules can markedly reshape market positions and business models over the next decade.
Prepared from the source material with AI-assisted editing and checked against the supplied facts.
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