On October 15, Standard Chartered Bank released a report stating that it has postponed its forecast for the stablecoin market to reach a size of $2 trillion from 2028 to 2030. Geoffrey Kendrick, the bank's global head of digital asset research, maintained the $2 trillion estimate but believes that the market will require an additional two years to achieve this milestone. Over the past 12 months, the supply of stablecoins has remained in the range of $300 billion to $320 billion, currently approximately $309 billion. Kendrick noted that this slowdown is cyclical rather than structural, as it coincides with a period of weak activity in the cryptocurrency market. Kendrick pointed out that despite the stagnation in supply growth, the use and trading activity of stablecoins continue to rise. The on-chain original transfer amount reached a monthly record of $19 trillion in May, with an average monthly scale of nearly $10 trillion this year, surpassing $4 trillion in 2025. The monthly average circulation velocity, measuring the turnover of each dollar of stablecoin, has doubled this year to about 30 times, compared to 15 times in 2025, with USDT maintaining around 7 times and USDC increasing from 45 times to about 80 times. Kendrick attributed the differences to varying uses, with USDT primarily used for dollar savings in emerging markets, while USDC is more utilized for payments, financial transactions, and early payments between AI agents. Kendrick anticipates that competition in the stablecoin payment and trading space will be most intense in developed markets, with potential challengers including Open USD, stablecoin infrastructure provider M^0, and the A+ Network, which plans to allow banks to issue shared stablecoins while retaining reserve earnings.