Standard Chartered has pushed back its forecast for the stablecoin market to reach $2 trillion from 2028 to 2030, citing stagnant supply over the past twelve months.
The bank maintained its $2 trillion estimate but now believes the market will need an additional two years to reach that figure.
According to Geoffrey Kendrick, Standard Chartered’s Global Head of Digital Assets Research, stablecoin supply has remained between $300 billion and $320 billion over the past year and currently stands at approximately $309 billion.
Kendrick attributes the stagnation to weakness in the crypto market and considers it a cyclical slowdown, noting that similar periods have been followed by renewed growth.
Despite flat supply, stablecoin usage continues to increase. Monthly onchain transfer volume reached a record $19 trillion in May, while the 2026 average stands near $10 trillion per month, compared with $4 trillion in 2025.
Stablecoin velocity, which measures how many times each dollar issued in stablecoins changes hands, also doubled from 15 to 30 times per month.
The differences between the leading tokens are substantial. USDT maintains a monthly velocity of around seven times, while USDC increased from 45 to approximately 80 times.
Kendrick explained that USDT is primarily used for dollar savings in emerging markets, while USDC is more widely used for payments, financial transactions, and transfers between artificial intelligence agents.
The Standard Chartered analyst also warned that regulation could affect his $2 trillion forecast. In particular, he noted that international adoption of rules similar to the U.S. GENIUS Act, scheduled to take effect in January 2027, could increase competition from bank-backed and multi-issuer stablecoins.
Source: https://defillama.com/stablecoins
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