BREAKING: Standard Chartered Pushes $2 Trillion Stablecoin Target Back to 2030 — Supply Stuck Near $309 Billion as Usage Hits Records

Standard Chartered has pushed back one of the biggest stablecoin forecasts in crypto. In a new report shared on Wednesday, the bank said it now expects the stablecoin market to reach about $2 trillion by 2030, two years later than its earlier 2028 target.

The reason is a long flat stretch. Total stablecoin supply has stayed between about $300 billion and $320 billion for the past 12 months and now sits near $309 billion. The bank's head of digital assets research, Geoffrey Kendrick, called the slowdown cyclical rather than structural, linking it to weak crypto market activity.

Usage, however, is still climbing fast. Onchain transfer value hit a monthly record of about $19 trillion in May, and monthly volume has averaged just under $10 trillion this year, up from about $4 trillion in 2025. Each stablecoin dollar is also changing hands far more often, with average monthly velocity doubling to around 30 times this year.

The split between the two giants is getting clearer. Tether's USDT is used mainly for dollar savings in emerging markets and turns over only about 7 times a month, while Circle's USDC leads payments and trading in developed markets, with velocity jumping to around 80 times. The bank expects the hardest fight to come in developed-market payments, where new challengers are chasing USDC.

For traders, the message is mixed. Flat stablecoin supply means less fresh dollar fuel entering crypto than in a fast-growing market, which can slow rallies. But record transfer volumes show the dollars already in the system are working harder than ever, so a break of supply above $320 billion would be an important bullish signal to watch.

Read also: BREAKING: 37 European Banks Win Dutch License for Euro Stablecoin — Qivalis Moves Closer to Launching Onchain Euro for Trading

This post is news only, not financial advice. Always do your own research before buying or selling crypto.

Sources: Cointelegraph, The Block, CryptoCompass