Standard Chartered has delayed its projection for the stablecoin market to reach $2 trillion from 2028 to 2030, citing stalled supply growth linked to subdued crypto market activity. Global head of digital assets research Geoffrey Kendrick characterized the current stagnation as cyclical rather than structural, with total supply hovering between $300 billion and $320 billion over the past year. Despite limited supply expansion, stablecoin utility continues to accelerate. Average monthly on-chain transfer volume is approaching $10 trillion this year, up from $4 trillion in 2025, with a single-month record of $19 trillion set in May. Kendrick identifies regulation as the primary risk to the revised forecast, noting the U.S. GENIUS Act is scheduled to take effect in January 2027.