JPMorgan Chase said the global stablecoin market could grow to between $500 billion and $600 billion by 2028, well below the most optimistic projections circulating in the digital asset industry. In a research note, the bank said total stablecoin supply has increased by about $100 billion this year to roughly $308 billion, led by Tether’s USDT and Circle’s USDC.
Analysts said demand remains concentrated within crypto markets, particularly for trading, derivatives, and decentralized finance activity. Derivatives platforms alone added an estimated $20 billion in stablecoin holdings amid increased perpetual futures volumes. The bank described stablecoins primarily as collateral and liquidity tools rather than mainstream payment instruments.
JPMorgan noted that while payments-related adoption may expand over time, broader usage is more likely to increase transaction velocity than overall supply. The report also highlighted competition from tokenized bank deposits and potential central bank digital currencies, which could limit long-term stablecoin expansion.
