Standard Chartered has revised its forecast for the stablecoin market, now predicting it will reach $2 trillion by 2030. As of October 28, 2026, the total value of stablecoins stood at $299.2 billion, up from $131.9 billion five years prior. The bank's initial projection had anticipated this milestone two years earlier, highlighting the dynamic nature of the market.
The stablecoin landscape is dominated by three key players: Tether (USDT), USDC, and Open USD (OUSD). Tether holds the largest market share with a $182.3 billion market cap, representing 60.8% of all stablecoin value. However, its reserves are considered riskier due to their composition, which includes Treasury bills, gold, Bitcoin, and secured loans. A recent decline in gold and Bitcoin values halved Tether's excess-reserve cushion to $4.1 billion, raising concerns about its ability to maintain its peg during a potential redemption wave.
USDC, issued by Circle Internet Group, is seen as a safer alternative with $71.2 billion in circulation. Its reserves are primarily held in the Circle Reserve Fund, a money market fund focused on short-term government debt. Despite a past incident where USDC's value dropped to $0.88 due to exposure to Silicon Valley Bank, its reserves are better positioned to withstand market stress. The Genius Act, a 2025 U.S. stablecoin law, prohibits stablecoin issuers from paying reserve interest to individual holders, though distribution partners like Coinbase may still pass rewards to customers.
Open USD (OUSD), the newest major stablecoin, launched on September 30, 2026, with $835 million in circulation. Issued by Bridge, a company owned by Stripe, OUSD is distributed by a syndicate of financial institutions and businesses, each earning a cut of its reserve income. Many of USDC's distribution partners, including Coinbase, are also part of the syndicate backing OUSD, allowing them to collect reserve income from both coins.