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

CoinRank News: JPMorgan Chase released a research report predicting that the global stablecoin market will grow to $500 billion in 2028, far lower than the $1 trillion to $2 trillion predicted by some institutions. The bank pointed out that 88% of the current demand for stablecoins comes from crypto-native activities (such as trading, DeFi mortgages), and only 6% is used in payment scenarios. The report shows 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 Chinas digital RMB or mobile payments, emphasizing the essential differences between the two in 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 $2 trillion in 2028. JPMorgan Chase believes that stablecoins are more likely to maintain a moderate growth path led by crypto demand rather than achieve widespread payment applications. (CoinDesk)