Standard Chartered Raises Stablecoin Forecast to 2030 Amid Growing Transaction Volumes
Key Summary
Standard Chartered has revised its stablecoin market forecast to 2030, citing stalled supply growth and increasing transaction volumes, with the bank now expecting the market to reach $2 trillion in two years, two years later than initially projected. The bank attributes the growth to existing stablecoins circulating more frequently, rather than new supply driving growth.
Overview
Standard Chartered has revised its stablecoin market forecast to 2030, citing stalled supply growth and increasing transaction volumes. The bank now expects the market to reach $2 trillion in two years, two years later than initially projected.\ \n\n
Market Dynamics
The bank attributes the growth to existing stablecoins circulating more frequently, rather than new supply driving growth. Standard Chartered identifies four distinct markets, each with different competitive dynamics. Tether's USDt (USDT) dominates emerging-market savings, while Circle's USDC (USDC) leads developed-market payments. USDC and Ethena's USDe have established strong positions in crypto trading, while USDC also leads the much smaller market for transactions between AI agents.\ \n\n
Regulatory Environment
Regulatory and accounting developments in the United States could influence how businesses use stablecoins. The GENIUS Act passed in 2025 has proposed rules governing stablecoin issuance, reserve requirements, and consumer protections. The Treasury Department has also advanced implementation of the law, proposing rules restricting stablecoin issuance in the United States to federally or state-authorized issuers.\ \n\n
Conclusion
Standard Chartered's revised forecast comes as the stablecoin market continues to face challenges in the near future. However, the bank remains optimistic about the long-term prospects of the market, citing the growing use of stablecoins in emerging markets and the increasing competition in developed-market payments.