Standard Chartered pushes $2T stablecoin forecast to 2030

Why the forecast moved two years later

Standard Chartered now expects the stablecoin market to reach $2 trillion in value by 2030, two years later than it previously predicted. The revision follows the market stalling at around $309 billion this year. A stablecoin is a cryptocurrency tied to a stable asset, usually the US dollar, designed to hold a steady value.

The bank noted that transaction activity keeps growing even as total market value has flattened, suggesting existing stablecoins are changing hands more often rather than new supply driving the increase.

Four stablecoin markets identified

Geoffrey Kendrick, Standard Chartered's head of digital assets research, outlined four distinct stablecoin markets with different competitive dynamics:

• Tether's USDT dominates emerging-market savings.
• Circle's USDC leads payments in developed markets.
• USDC and Ethena's USDe have strong positions in crypto trading.
• USDC also leads the smaller market for transactions between AI agents.

Kendrick said the most intense competition will come in developed-market payments, where challengers such as USDG, M^0, and multibank stablecoin networks are building alternatives to existing payment systems. He added that how issuers and payment networks split the yield from stablecoin reserves could determine who gains market share.

Regulatory and accounting shifts in the US

Standard Chartered's revised outlook comes amid several US regulatory and accounting developments. The GENIUS Act passed in 2025, and regulators have since proposed rules on stablecoin issuance, reserve requirements, and consumer protections. The FDIC recently proposed excluding stablecoin holders from pass-through deposit insurance.

In August, the Treasury Department proposed restricting stablecoin issuance in the US to federally or state-authorized issuers, with licensing requirements expected to take effect in January 2027. Separately, the Financial Accounting Standards Board (FASB) proposed an update in August that could change how companies report certain stablecoins on their balance sheets. Blockchain payments company Tempo said the accounting changes could make it easier for businesses to use stablecoins for payments without adding complexity.

What is confirmed

• Standard Chartered projects a $2 trillion stablecoin market by 2030, two years later than its prior forecast.
• The market has plateaued near $309 billion this year.
• Transaction activity continues to grow despite flat market value.
• The FDIC, Treasury, and FASB have all advanced new rules affecting stablecoins in 2026.

What is still unclear

The article does not specify what Standard Chartered's original timeline was before the delay, nor does it detail which issuers will ultimately win the competition in developed-market payments.

Why this matters

Regulatory and accounting changes could shape how businesses adopt stablecoins for payments and settlement. The division of reserve yields among issuers and payment networks may also determine which players gain ground as competition intensifies.

Source

• Cointelegraph

Read also: EU regulators label Circle’s USDC as a ‘significant’ stablecoin under new crypto rules