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JPMorgan: Stablecoin Supply May Reach $500B–$600B by 2028, Far Below Optimistic Forecasts

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JPMorgan predicts stablecoin supply may hit $500B–$600B by 2028, far below $2T–$4T forecasts. Demand is driven by crypto market activity, not payments. The market cap now stands at $3.08T, up $100B this year, led by USDT and USDC. Crypto trading, derivatives, and DeFi collateral fuel growth, with derivatives exchanges adding $20B in stablecoin holdings. Analysts say cross-border payments could boost adoption, but higher circulation isn’t essential as token velocity rises. Banks and CBDCs are also exploring blockchain-based solutions.
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