JPMorgan Chase expects the stablecoin market to reach $500 billion in 2028, far below optimistic forecasts

PANews reported on July 3 that according to CoinDesk, JPMorgan Chase released a research report predicting that the global stablecoin market will grow to US$500 billion in 2028, far lower than the US$1 trillion to US$2 trillion predicted by some institutions. The bank pointed out that 88% of the current stablecoin demand comes from crypto-native activities (such as trading, DeFi mortgages), and only 6% is used in payment scenarios. The report believes that stablecoins are difficult to replace bank deposits or money funds on a large scale, mainly due to lack of returns and friction in fiat-crypto conversion. Analysts refuted the view that stablecoins are comparable to China's digital RMB or mobile payments, emphasizing the essential differences between the two in terms of centralized models.

It is worth noting that Standard Chartered Bank predicted in April that if the US GENIUS Act is passed, the supply of stablecoins may surge to US$2 trillion in 2028. JPMorgan Chase believes that stablecoins are more likely to maintain a moderate growth path led by encryption demand rather than achieve widespread payment applications.