JPMorgan: The scale of stablecoins may reach 500 to 600 billion dollars by 2028, falling short of the 1 trillion level

JPMorgan analysts reiterated that they do not expect the stablecoin market to reach a trillion-dollar scale in the coming years, and its growth may align with the broader cryptocurrency market rather than significantly surpass it.

The report noted that this year, the stablecoin market has expanded by approximately $100 billion, surpassing the $300 billion mark, with growth primarily concentrated in two major stablecoins. This confirms their long-held view that the growth of stablecoins is still mainly driven by activities within the crypto ecosystem. Just this year, driven by a surge in perpetual futures trading, the stablecoin holdings of derivatives exchanges have increased by about $20 billion, and this activity remains a key driver of stablecoin supply growth.

Therefore, in the coming years, the stablecoin market may continue to grow in sync with the overall cryptocurrency market capitalization, with expectations of reaching $500 billion to $600 billion by 2028, far below the most optimistic projections of $2 trillion to $4 trillion.