Standard Chartered analysts pointed out that the circulation speed of stablecoins (i.e., the token turnover rate) has recently accelerated, which differs from previous expectations about stablecoin stability. This complicates their earlier forecast that stablecoin supply would reach $2 trillion by 2028, because a higher turnover rate may reduce the demand for new issuances, even as trading volume continues to grow. This growth is mainly attributed to the expansion of use cases for tokens like USDC, such as serving as a substitute for traditional payment methods and being used in early AI-driven trading, rather than representing a universal trend for all stablecoins. Standard Chartered maintains its $2 trillion supply forecast but emphasizes that in the next phase of growth in the stablecoin industry, circulation speed will become a key factor to watch closely, alongside overall scale.