Banks: ‘Calm Down.’ Crypto: ‘We’re Just Getting Started.’ 😎

$USDC 📌 $USDT

If you have heard that stablecoins will be worth 3 or 4 trillion dollars soon, JPMorgan just said: "calm down". According to the bank, the supply of stablecoins (which grew by 100 billion dollars this year driven by USDT and USDC) will reach about 500 billion or 600 billion by 2028.

It's solid growth, but it's far from the super bullish predictions of other analysts.

Why is JPMorgan more cautious?
1. Use in the "real world": The bank says that today stablecoins are used almost exclusively for trading, lending in DeFi, and as collateral in derivatives. We still don’t use them massively to pay for coffee or rent, and until that happens, growth will be slower.
2. Velocity vs. Quantity: JPMorgan explains that for stablecoins to be used in payments we don't need "more coins," but rather that the ones that already exist move faster (they call this velocity).
3. Competition from banks: JPMorgan and other banks are creating their own "tokenized deposits" and governments are working on their digital currencies (CBDC). These will compete directly with USDT and USDC in the future.

🔖 The stablecoin market is already worth about 308 billion dollars, which is incredible. But to reach the next level, they need to come out of the trading bubble and enter the daily economy. The good news is that growth is steady; the bad news is that traditional banks won’t sit idly by and will fight for that market.

Do you think that bank stablecoins (like those from JPMorgan or SoFi) will end up beating Tether and USDC, or will the crypto world always prefer independent options?

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