Standard Chartered now forecasts stablecoin market capitalization to reach $2 trillion by 2030, two years later than initially projected, after the market plateaued at roughly $309 billion this year. Transaction activity continues to grow despite the stalled market value, as existing stablecoins circulate more frequently. The bank identified four distinct markets: USDT dominates emerging-market savings, USDC leads developed-market payments, USDC and USDe hold strong positions in crypto trading, and USDC leads the smaller AI agent transactions market. Competition is intensifying over reserve yields, with challengers such as USDG, M^0 and multi-bank networks vying for market share in payments. US regulatory developments, including the 2025 GENIUS Act and Treasury proposals restricting issuance to authorized issuers starting January 2027, could shape how businesses use stablecoins.
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