According to Woofun AI, Standard Chartered Bank delayed the expected stablecoin market capitalization of $2 trillion by two years until 2030. This correction reflects the current state of the market's shift from supply expansion to circulation efficiency.
According to data compiled by Woofun AI, the current total market value of stablecoins is about $309 billion, and although growth has stagnated, circulation frequency has increased. Jeffrey Kendrick, head of digital asset research at Standard Chartered, pointed out to Cointelegraph that the market has formed four major competitive segments: Tether's USDT dominates emerging market savings, Circle (CRCL.US)'s USDC leads developed market payments and AI smart transactions, and cooperates with Ethena's USdE to solidify its position in crypto trading.
It is worth noting that the payment sector is most competitive in developed markets. USDG, M^0, and the bank's joint stablecoin network are trying to replace existing infrastructure, and the reserve yield allocation mechanism will become a key variable in determining market share.
The evolution of the US regulatory environment has further reshaped industry expectations. Since the GENIUS Act passed in 2025, regulators clarified issuance and reserve rules, and the US Federal Deposit Insurance Corporation proposed excluding stablecoin holders from deposit insurance. The US Treasury proposed new regulations in August of this year requiring stablecoin issuers to be authorized by the federal or state government. The licensing system is expected to take effect in January 2027.
The update of accounting standards also affects the prospects for enterprise application. The Financial Accounting Standards Board's recommendations in August could change the way companies present stablecoins on their balance sheets. Blockchain payments company Tempo believes these proposed changes will simplify the process of businesses using stablecoins for payments and settlements, and remove additional accounting barriers.