Standard Chartered sees $2 trillion stablecoin market by 2028

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Yaroslav Dmytrenko

01.04.2026

Standard Chartered sees $2 trillion stablecoin market by 2028 — USDC and USDT diverge as stablecoin use cases expand

According to Standard Chartered, the velocity of stablecoins has doubled over the past two years, with tokens now changing hands an average of six times per month. Despite this, the bank is not revising its forecast and still expects the stablecoin market to reach $2 trillion by 2028.

Highlights

Stablecoin velocity has doubled, reaching six transfers per month
Standard Chartered maintains $2 trillion market forecast by 2028
USDC and USDT diverge as use cases reshape the market

Stablecoins are growing faster than expected

On Tuesday, Standard Chartered reaffirmed its forecast that the stablecoin market will reach $2 trillion by 2028, up from the current $310–$320 billion. The bank’s analyst Geoff Kendrick noted that stablecoin velocity has doubled over the past two years, with tokens now changing hands about six times per month.

In theory, higher velocity means fewer coins are needed to support the same transaction volume, which could imply a need to revise market size expectations. However, Kendrick maintains the $2 trillion forecast, arguing that the increase in velocity reflects new and additional use cases.

“The good news is that these new use cases are, so far, increasing overall transaction volumes in stablecoins. Moreover, the higher velocity in these use cases has not affected the use of stablecoins as a low-velocity store of value,” Kendrick wrote.

The analyst found that USDC has become the main driver of new use cases. The token issued by Circle, which accounts for roughly 25% of the market, began diverging from Tether’s USDT in mid-2024, increasingly displacing traditional banking systems — a trend that accelerated after the GENIUS Act established a federal regulatory framework for stablecoins last summer.

Starting in October 2025, USDC transaction velocity on Solana and Base surged sharply. Kendrick attributes this second wave to early AI agent payments via x402, an open-source payment protocol developed by Coinbase. Volumes have since declined, suggesting the initial spike may have been temporary.

Divergence proves beneficial

Kendrick added that USDT velocity — largely driven by low-turnover savings in emerging markets — has remained relatively stable. The report concludes that the two market leaders are diverging in use cases: while USDT dominates as a store of value in emerging markets, USDC is increasingly replacing traditional finance payments.

Notably, rising stablecoin velocity is unlocking new opportunities for financial services and startups, particularly in micropayments and automated financial operations. Businesses can leverage stablecoins to reduce transaction costs and accelerate capital turnover, while improving access to digital payments for end users.

At the same time, the growing differentiation between USDC and USDT is creating clearer market segmentation, allowing investors and corporates to better select instruments depending on their goals — whether for long-term savings or active participation in payment ecosystems. This, in turn, supports innovation in financial products and enhances overall market liquidity.

As we wrote, Standard Chartered launches crypto custody services in EU amid growing client demand

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