Standard Chartered has revised its forecast for the stablecoin market, now projecting a total capitalization of $2 trillion by 2030. This update follows a market plateau at approximately $309 billion in 2026, pushing the original timeline back by two years.
Geoffrey Kendrick, head of digital assets research at the bank, noted that transaction activity is rising despite slower supply growth. Existing stablecoins are circulating more frequently across four distinct segments: emerging-market savings, developed-market payments, crypto trading, and transactions between AI agents.
Tether’s USDt currently leads in emerging-market savings, while Circle’s USDC holds the top position in developed-market payments and AI agent transactions. Both USDC and Ethena’s USDe are prominent in the crypto trading sector, with competition intensifying over reserve yield distribution.
The regulatory landscape in the United States is evolving following the 2025 GENIUS Act. Proposed rules from the Treasury Department, expected to take effect in January 2027, will restrict stablecoin issuance to authorized entities. Additionally, the FDIC has proposed excluding stablecoin holders from deposit insurance.
Accounting standards are also shifting. The Financial Accounting Standards Board proposed updates in August 2026 that could simplify how businesses report stablecoins on balance sheets. Tempo, a blockchain payments firm, suggested these changes may facilitate broader corporate adoption for settlements.
