JPMorgan Says Stablecoin Growth Will Mirror Crypto, Won't Reach $1T by 2028
JPMorgan analysts told clients that stablecoin growth is likely to follow the broader crypto market cycle rather than outpace it, and they do not expect the sector to reach a $1 trillion valuation by 2028. The report frames trading demand as the main driver of current stablecoin usage, suggesting that liquidity provision and exchange flows will continue to dominate supply dynamics.
Why this matters: a trading‑led growth profile implies slower uptake for payments, remittances, and some DeFi applications, which could concentrate risk among large issuers and exchanges. For issuers, exchanges and regulators, the forecast points to a more measured expansion and continued focus on market infrastructure and compliance, rather than a rapid shift into mainstream payment rails or broad retail adoption.