Chartered Standard projects a $2 trillion stablecoin market by 2030 as transaction volumes rise

The bank identified four distinct stablecoin markets, with USDC leading in reserve yields, payments and AI-driven transactions as competition intensifies.

The bank identified four distinct stablecoin markets, led by USDC as competition intensified over reserve yields, payments and AI transactions.

Standard Chartered says that stablecoin transaction activity continues to grow even as the overall market cap has stalled, indicating that existing stablecoins are circulating more than new supply is growing.

In a report shared with Cointelegraph, the bank said it now expects the stablecoin market to reach $2 trillion by 2030, two years later than originally forecast, after the market reached about $309 billion this year.

Jeffrey Kendrick, head of digital asset research at StanChart, says that despite slower supply growth, stablecoin use continues to expand, as existing stablecoins often go hand-in-hand with a variety of uses.

Kendrick identified four distinct markets, each with different competitive dynamics. USDt Tether (USDT) dominates emerging market savings, while USDC (USDC) Circle leads developed market payments. USDC and USDe Athena have established strong positions in crypto trading, while USDC leads the much smaller market for trading between AI agents.

The bank expects the most intense competition in developed market payments, where competitors such as USDG, M^0 and multi-bank stablecoin networks are pursuing alternatives to existing payment infrastructure.

According to Kendrick, how publishers and payment networks split the returns generated by stablecoin reserves could ultimately determine which competitors gain market share.

Standard Chartered's revised forecast comes as regulatory and accounting developments in the US could affect how businesses use stablecoins.

Since the passage of the GENIUS Act in 2025, US regulators have proposed rules for stablecoin issuance, reserve requirements and consumer protections. Some measures have also clarified the limits of these protections, including a proposal by the Federal Deposit Insurance Corporation (FDIC) to exclude stablecoin holders from pass-through deposit insurance.

The Ministry of Treasury has also advanced the implementation of this law. In August, it proposed legislation that would limit the issuance of stablecoins in the United States to federally or state-licensed issuers, with licensing requirements expected to take effect in January 2027.

Separately, in August, the Financial Accounting Standards Board (FASB), which sets US accounting standards, proposed an update that could affect how companies report certain stablecoins on their balance sheets.

Blockchain payments company Tempo said the proposed changes could make it easier for businesses to use stablecoins for payments and settlements without incurring additional accounting burdens.