Stereo phase unwrapping (SPU) has been increasingly applied to high-speed real-time fringe projection profilometry (FPP) because it can retrieve the absolute phase or matching points in a stereo FPP system without projecting or acquiring additional fringe patterns. Based on a pre-defined measurement volume, artificial maximum/minimum phase maps can be created solely using geometric constraints of the FPP system, permitting phase unwrapping on a pixel-by-pixel basis. However, when high-frequency fringes are used, the phase ambiguities will increase which makes SPU unreliable. Several auxiliary techniques have been proposed to enhance the robustness of SPU, but their flexibility still needs to be improved. In this paper, we proposed an adaptive depth constraint (ADC) approach for high-speed real-time 3D shape measurement, where the measurement depth volume for geometric constraints is adaptively updated according to the current reconstructed geometry. By utilizing the spatio-temporal correlation of moving objects under measurement, a customized and tighter depth constraint can be defined, which helps enhance the robustness of SPU over a large measurement volume. Besides, two complementary techniques, including simplified left-right consistency check and feedback mechanism based on valid area, are introduced to further increase the robustness and flexibility of the ADC. Experimental results demonstrate the success of our proposed SPU approach in recovering absolute 3D geometries of both simple and complicated objects with only three phase-shifted fringe images.