Standard Chartered has pushed back its forecast for stablecoin market cap growth to $2 trillion by two years

Head of Digital Assets Geoffrey Kendrick revised the forecast from 2028 to 2030. He pointed to slower stablecoin market-cap growth ($309 billion) due to weak activity in the crypto market. However, he described this slowdown as cyclical rather than structural.

At the same time, stablecoin activity and transaction volumes continue to increase. In particular, in May, total on-chain transfer volume reached a monthly record of $19 trillion. The average monthly volume since the start of the year has also risen to $10 trillion, compared with $4 trillion in 2025.

In addition, the average monthly stablecoin turnover velocity increased from 15 to 30 times. Meanwhile, USDC’s turnover velocity has risen since 2025 from 45 to 80 times. USDT is showing weaker performance, as it is more often used as a store of value.