Standard Chartered forecasts the stablecoin market will reach $2 trillion in 2030.

Cointelegraph, a blockchain media outlet, reported on Oct. 14 local time that the forecast pushes back the timeline by 2 years from previous expectations. It reflects the market’s stagnation this year at around $309 billion.

Standard Chartered said trading activity is steadily rising even though the total stablecoin market capitalisation has not increased significantly. That means existing circulating supply is being traded more frequently rather than new issuance increasing. Geoffrey Kendrick (제프리 켄드릭), head of digital asset research, analysed that turnover has risen as stablecoin use cases have diversified.

He divided the stablecoin market into four broad areas. He saw Tether's USDt leading savings demand in emerging markets, while Circle's USDC holds an advantage in payments demand in advanced economies. In crypto trading, USDC and Ethena's USDe have built a strong position, and he also assessed that USDC leads in still-small markets such as transactions between artificial intelligence agents.

He pointed to payments in advanced economies as the area where competition will intensify the most. That is because USDG, M^0 and a multi-bank stablecoin network are pushing alternatives to existing payments infrastructure. How issuers and payment networks share income generated from reserves was cited as a factor that will determine future market share.

Changes in U.S. regulation and accounting standards were also presented as variables that will affect how companies use stablecoins. Since the 2025 passage of the "Genius Act", the United States has proposed rules addressing stablecoin issuance, reserve requirements and consumer protection. The Federal Deposit Insurance Corp (FDIC), however, proposed excluding stablecoin holders from pass-through deposit insurance protection. That amounts to a simultaneous trend of broadening protection while also making limits clear.

The Treasury is also working on implementing the system. In August, it proposed a rule to limit stablecoin issuance in the United States to issuers licensed by federal or state governments. The relevant licensing requirements are expected to apply from January 2027. As a result, issuance eligibility and regulatory compliance systems are increasingly likely to become key elements of competitiveness in the U.S. market.

Accounting standards changes are also tied to an expansion in real-world use. The Financial Accounting Standards Board (FASB), which sets U.S. accounting standards, proposed amendments in August that could affect how some stablecoins are reflected on balance sheets. Blockchain payments company Tempo said the changes could help companies use stablecoins for payments and settlement without additional accounting burdens.

Against this backdrop, market focus is shifting from supply growth rates to expanding real-world use and regulatory and institutional preparation. Standard Chartered said the stablecoin market is not in a phase of immediate, sharp expansion, but it judged that a medium- to long-term growth path remains intact as long as use for payments, trading and AI-related applications continues. It added that who shares reserve income and clears regulatory hurdles is emerging as a key variable in the next reshuffle of market share.