PANews reported on July 3, citing CoinDesk, that JPMorgan released a research report predicting that the global stablecoin market size will grow to $500 billion by 2028, far below some institutions' forecasts of $1 trillion to $2 trillion. The report pointed out that currently 88% of stablecoin demand comes from crypto-native activities (such as trading and DeFi collateral), with only 6% used for payment scenarios. The report argues that stablecoins are unlikely to replace bank deposits or money market funds on a large scale, primarily due to a lack of yield and friction in fiat-crypto conversion. Analysts refuted the notion of comparing stablecoins to China's digital yuan or mobile payments, emphasizing the essential differences in their centralized models.
Notably, Standard Chartered Bank predicted in April that if the U.S. (GENIUS Act) is passed, the supply of stablecoins could surge to $2 trillion by 2028. JPMorgan, on the other hand, believes that stablecoins are more likely to maintain a moderate growth path dominated by crypto demand, rather than achieving widespread payment applications.