$BTC Context: JPMorgan Doubts $1T Stablecoin Narrative
In its latest report, JPMorgan pushed back against bullish projections for the stablecoin sector, saying it does not expect the market to reach $1 trillion by 2028. Instead, the bank estimates total stablecoin capitalization will likely settle in the $500–600 billion range.
The reasoning is straightforward.
According to JPMorgan, stablecoin demand remains largely tied to crypto trading activity, not real-world payments. Even where payment use cases expand, this doesn’t automatically lead to a larger outstanding supply.
As transaction velocity increases, the same stablecoins can support more activity without inflating total market cap.
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