Standard Chartered Delays Its $2 Trillion Stablecoin Target to 2030 as Usage Keeps Growing

Standard Chartered now expects the stablecoin market to reach $2 trillion by 2030, two years later than it first projected, after total supply flattened at around $309 billion this year. Even so, activity is rising. Geoffrey Kendrick, the bank’s head of digital assets research, says existing coins are changing hands more often as new uses emerge, which means growth is coming from circulation rather than fresh issuance.

Four Stablecoin Markets and Who Leads Each

Kendrick splits the sector into four separate markets. Tether’s USDT dominates savings in emerging economies, while Circle’s USDC leads payments in developed countries. USDC and Ethena’s USDe hold strong positions in crypto trading, and USDC also leads the much smaller field of payments between AI agents.

The toughest fight is expected in developed market payments, where USDG, M^0 and multibank stablecoin networks are trying to offer alternatives to existing payment rails. In Kendrick’s view, the way issuers and payment networks share the yield earned on reserves could decide who wins market share.

US Rules and Accounting Changes for Stablecoins

Since the GENIUS Act passed in 2025, US regulators have proposed rules on issuance, reserves and consumer protection. An FDIC proposal would exclude stablecoin holders from pass-through deposit insurance. In August, the Treasury proposed limiting US issuance to federally or state authorized issuers, with licensing requirements expected from January 2027.