"J.P. Morgan lowers projections: stablecoins may not even reach half a trillion dollars"

J.P. Morgan has revised down its expectations for the stablecoin market: it now estimates it will reach 500 billion USD by 2028, far below the more optimistic forecasts that spoke of up to 4 trillion.

According to the bank, that mainstream adoption frenzy is far from materializing. Today, only 6% of the demand for stablecoins is used for actual payments—which represents just about 15 billion USD. In contrast, the rest remains active in trading, DeFi, or as collateral.

It's not that the topic is frozen: there are significant movements, such as the recently approved GENIUS Act in the U.S. or the plans of Ant Group in Hong Kong. But J.P. Morgan reminds us that platforms like Alipay, WeChat Pay, or even the digital yuan have reaches that stablecoins have yet to replicate.

Does that sound like a reality check?

If you were expecting stablecoins to be the immediate future of digital money, get ready to slow down that bet.