Standard Chartered has pushed back its forecast for the stablecoin market to reach $2 trillion by two years, saying the target is now more likely to be achieved in 2030. The bank’s revised outlook follows a period in which total stablecoin market capitalization has leveled off, while transaction activity has continued to increase.
According to Cointelegraph, Standard Chartered estimates that the market was worth about $309 billion this year. The bank said the combination of steady market value and rising transaction volumes indicates that existing stablecoins are circulating more often, rather than growth being driven mainly by the creation of new tokens.
Four markets emerge for stablecoins
Geoffrey Kendrick, Standard Chartered’s head of digital assets research, said stablecoin usage is expanding as the tokens find more applications. The bank’s analysis separates the industry into four markets, each with different leaders and competitive conditions.
- Tether’s USDt, or USDT, is dominant in savings activity in emerging markets.
- Circle’s USDC leads payments in developed markets.
- USDC and Ethena’s USDe have strong positions in crypto trading.
- USDC is also ahead in the smaller market for transactions between artificial-intelligence agents.
The most intense competition is expected in developed-market payments. Standard Chartered identified USDG, M^0 and stablecoin networks backed by multiple banks as among the alternatives seeking a role alongside or instead of existing payment infrastructure.
A key issue for market share, Kendrick said, is how stablecoin issuers and payment networks distribute the income earned from the reserves backing the tokens. Stablecoins generally seek to maintain a stable value against an underlying currency, most commonly the US dollar, while their reserves can generate returns. The division of that income could influence which products attract users and payment partners.
US rules and accounting proposals add context
The revised projection comes as US regulatory and accounting developments could affect how companies use stablecoins. Following passage of the GENIUS Act in 2025, regulators have proposed measures covering issuance, reserve requirements and consumer protections.
Some proposals have also defined the limits of those protections. The Federal Deposit Insurance Corporation, for example, proposed excluding stablecoin holders from pass-through deposit insurance. The Treasury Department has separately advanced rules that would limit US stablecoin issuance to federally or state-authorized issuers. The licensing requirements are expected to take effect in January 2027.
The Financial Accounting Standards Board also proposed an update in August that could change how companies report certain stablecoins on their balance sheets. Blockchain payments company Tempo said the proposed accounting changes could make stablecoin payments and settlement easier for businesses without adding further accounting complications.
Moneyiar market picture
Moneyiar data at 15 October 2026, 21:23-21:24 +03:30, shows USDC at $0.9998413472, with a 24-hour change of -0% and a seven-day change of -0.01%. Stable (STABLE) was $0.0268165063, up 0.3% over 24 hours and 3.2% over seven days.
Ethereum Name Service (ENS) stood at $5.7642670858, down 7.46% over seven days, while Compound (COMP) was $22.4096756831, down 0.5% in 24 hours and 3.91% over seven days.
