Standard Chartered Bank has pushed its forecast for the stablecoin market to reach $2 trillion from 2028 to 2030, citing a stall in supply growth this year. The bank's global head of digital assets research, Geoffrey Kendrick, noted in a report that stablecoin supply has remained between $300 billion and $320 billion over the past 12 months, currently standing at around $309 billion. Despite the stalled supply growth, usage and transaction activity have continued to increase, with raw on-chain transfer value reaching a monthly record of $19 trillion in May. Kendrick views the slowdown as cyclical rather than structural, adding that regulation remains a major risk to the $2 trillion forecast.