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JPMorgan Predicts Stablecoin Supply to Fall Short of Optimistic Forecasts by 2028

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JPMorgan estimates the stablecoin market cap by 2028 could hit $500 billion to $600 billion, far below the $2 trillion to $4 trillion forecast. As of this year, the market cap has grown by about $100 billion to $308 billion, led by USDT and USDC. Market performance shows stablecoin demand is driven by crypto trading, derivatives, and DeFi collateral. Holdings at derivatives exchanges rose around $20 billion. Analysts say payment sector growth is limited, but cross-border payment tests could help. Banks and payment networks are using tokenized deposits to compete, while CBDCs may offer a regulated alternative.
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