Markets Share Share this article Copy linkX (Twitter)LinkedInFacebookEmail Wall Street bank JPMorgan says stablecoin ma Markets Share Share this article Copy linkX (Twitter)LinkedInFacebookEmail Wall Street bank JPMorgan says stablecoin ma

Wall Street bank JPMorgan says stablecoin market could grow to $600 billion by 2028

Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail

Wall Street bank JPMorgan says stablecoin market could grow to $600 billion by 2028

The bank said stablecoin growth is still mostly driven by crypto trading, and rising payments use may boost velocity more than supply.

By Will Canny, AI Boost|Edited by Jesse Hamilton
Dec 19, 2025, 2:54 p.m.
JPMorgan research shares a modest view on stablecoin growth. (Ikechukwu Julius Ugwu/Unsplash)

What to know:

  • JPMorgan said stablecoin supply is up about $100 billion this year to roughly $308 billion, led by USDT and USDC.
  • The bank's analysts expect steady growth into 2028, but well below the most bullish projections.
  • Trading demand still dominates, and payments adoption may lift stablecoin velocity more than supply, the report said.

Wall Street bank JPMorgan Chase & Co. (JPM) said the stablecoin supply could reach $500 billion to $600 billion by 2028, far short of the most bullish $2 trillion to $4 trillion calls.

Stablecoin demand is still primarily a crypto-market story, not a payments story, according to the largest U.S. bank by assets.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up

JPMorgan noted that the stablecoin market has grown about $100 billion this year to roughly $308 billion, led by Tether’s USDT and Circle’s (CRCL) USDC.

Demand is still driven mainly by crypto trading and collateral needs across derivatives and decentralized finance (DeFi), with derivatives venues adding about $20 billion in stablecoin holdings alongside a surge in perpetual futures activity, the report said.

"The vast majority of stablecoin demand stems from their use as cash or collateral in the crypto ecosystem to facilitate crypto trading including derivatives trading, DeFi lending and borrowing," wrote analysts led by Nikolaos Panigirtzoglou, in the Wednesday report.

Stablecoins are cryptocurrencies pegged to assets such as fiat currencies or gold, but most often the U.S. dollar. They underpin much of the crypto economy, serving as payment rails and a tool for moving money across borders.

The analysts said payments are a smaller driver today but could grow as more providers test stablecoin-based rails for cross-border transfers.

Still, the report said wider payment use doesn’t automatically require a much larger stablecoin float because velocity, how quickly tokens circulate, can rise as integration deepens.

Banks and payment networks are also moving to protect their role in institutional flows through tokenized deposits and other blockchain initiatives, while Central Bank Digital Currency (CBDC) efforts could offer regulated alternatives that compete with private stablecoins, the report added.

Read more: Stablecoin Adoption Is ‘Exploding' — Here's Why Wall Street Is Going All-In

StablecoinsJPMorganAnalysts
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

More For You

Protocol Research: GoPlus Security

Commissioned byGoPlus

What to know:

  • As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
  • GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
  • Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
View Full Report

More For You

DraftKings enters prediction markets with CFTC-approved app for real-world events

The sports-betting giant enters the growing world of event contracts with CFTC-registered DraftKings Predictions in 38 states.

What to know:

  • DraftKings has unveiled a CFTC-regulated app letting users trade on real-world outcomes like sports and finance in 38 U.S. states.
  • The move puts it in direct competition with crypto-native prediction markets like Polymarket or other competitors like Kalshi and Robinhood.
  • Prediction markets have emerged as one of the biggest financial trends of the year, fueled by regulatory clarity and rising demand for real-time speculation.
Read full story
Latest Crypto News

Most Influential 2025's Honorable Mentions

Most Influential: Hsiao-Wei Wang and Tomasz K. Stańczak

Most Influential: Luke Dashjr

Most Influential: Jeff Yan

Most Influential: The Solana Developers

Most Influential: Stani Kulechov

Top Stories

DraftKings enters prediction markets with CFTC-approved app for real-world events

Bitcoin gains as yen surprisingly tumbles after BOJ rate hike: Crypto Daybook Americas

Jump Trading sued for $4 billion in connection to Do Kwon’s Terra Labs collapse: WSJ

Coinbase files lawsuits in 3 states over attempts to regulate prediction markets

Re-litigating the GENIUS Act Brings Risk and No Rewards

What if crypto's U.S. market structure effort just never gets there?

Market Opportunity
Lorenzo Protocol Logo
Lorenzo Protocol Price(BANK)
$0.03694
$0.03694$0.03694
+2.66%
USD
Lorenzo Protocol (BANK) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Foreigner’s Lou Gramm Revisits The Band’s Classic ‘4’ Album, Now Reissued

Foreigner’s Lou Gramm Revisits The Band’s Classic ‘4’ Album, Now Reissued

The post Foreigner’s Lou Gramm Revisits The Band’s Classic ‘4’ Album, Now Reissued appeared on BitcoinEthereumNews.com. American-based rock band Foreigner performs onstage at the Rosemont Horizon, Rosemont, Illinois, November 8, 1981. Pictured are, from left, Mick Jones, on guitar, and vocalist Lou Gramm. (Photo by Paul Natkin/Getty Images) Getty Images Singer Lou Gramm has a vivid memory of recording the ballad “Waiting for a Girl Like You” at New York City’s Electric Lady Studio for his band Foreigner more than 40 years ago. Gramm was adding his vocals for the track in the control room on the other side of the glass when he noticed a beautiful woman walking through the door. “She sits on the sofa in front of the board,” he says. “She looked at me while I was singing. And every now and then, she had a little smile on her face. I’m not sure what that was, but it was driving me crazy. “And at the end of the song, when I’m singing the ad-libs and stuff like that, she gets up,” he continues. “She gives me a little smile and walks out of the room. And when the song ended, I would look up every now and then to see where Mick [Jones] and Mutt [Lange] were, and they were pushing buttons and turning knobs. They were not aware that she was even in the room. So when the song ended, I said, ‘Guys, who was that woman who walked in? She was beautiful.’ And they looked at each other, and they went, ‘What are you talking about? We didn’t see anything.’ But you know what? I think they put her up to it. Doesn’t that sound more like them?” “Waiting for a Girl Like You” became a massive hit in 1981 for Foreigner off their album 4, which peaked at number one on the Billboard chart for 10 weeks and…
Share
BitcoinEthereumNews2025/09/18 01:26
One Of Frank Sinatra’s Most Famous Albums Is Back In The Spotlight

One Of Frank Sinatra’s Most Famous Albums Is Back In The Spotlight

The post One Of Frank Sinatra’s Most Famous Albums Is Back In The Spotlight appeared on BitcoinEthereumNews.com. Frank Sinatra’s The World We Knew returns to the Jazz Albums and Traditional Jazz Albums charts, showing continued demand for his timeless music. Frank Sinatra performs on his TV special Frank Sinatra: A Man and his Music Bettmann Archive These days on the Billboard charts, Frank Sinatra’s music can always be found on the jazz-specific rankings. While the art he created when he was still working was pop at the time, and later classified as traditional pop, there is no such list for the latter format in America, and so his throwback projects and cuts appear on jazz lists instead. It’s on those charts where Sinatra rebounds this week, and one of his popular projects returns not to one, but two tallies at the same time, helping him increase the total amount of real estate he owns at the moment. Frank Sinatra’s The World We Knew Returns Sinatra’s The World We Knew is a top performer again, if only on the jazz lists. That set rebounds to No. 15 on the Traditional Jazz Albums chart and comes in at No. 20 on the all-encompassing Jazz Albums ranking after not appearing on either roster just last frame. The World We Knew’s All-Time Highs The World We Knew returns close to its all-time peak on both of those rosters. Sinatra’s classic has peaked at No. 11 on the Traditional Jazz Albums chart, just missing out on becoming another top 10 for the crooner. The set climbed all the way to No. 15 on the Jazz Albums tally and has now spent just under two months on the rosters. Frank Sinatra’s Album With Classic Hits Sinatra released The World We Knew in the summer of 1967. The title track, which on the album is actually known as “The World We Knew (Over and…
Share
BitcoinEthereumNews2025/09/18 00:02
New Trump appointee Miran calls for half-point cut in only dissent as rest of Fed bands together

New Trump appointee Miran calls for half-point cut in only dissent as rest of Fed bands together

The post New Trump appointee Miran calls for half-point cut in only dissent as rest of Fed bands together appeared on BitcoinEthereumNews.com. Stephen Miran, chairman of the Council of Economic Advisers and US Federal Reserve governor nominee for US President Donald Trump, arrives for a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing in Washington, DC, US, on Thursday, Sept. 4, 2025. The Senate Banking Committee’s examination of Stephen Miran’s appointment will provide the first extended look at how prominent Republican senators balance their long-standing support of an independent central bank against loyalty to their party leader. Photographer: Daniel Heuer/Bloomberg via Getty Images Daniel Heuer | Bloomberg | Getty Images Newly-confirmed Federal Reserve Governor Stephen Miran dissented from the central bank’s decision to lower the federal funds rate by a quarter percentage point on Wednesday, choosing instead to call for a half-point cut. Miran, who was confirmed by the Senate to the Fed Board of Governors on Monday, was the sole dissenter in the Federal Open Market Committee’s statement. Governors Michelle Bowman and Christopher Waller, who had dissented at the Fed’s prior meeting in favor of a quarter-point move, were aligned with Fed Chair Jerome Powell and the others besides Miran this time. Miran was selected by Trump back in August to fill the seat that was vacated by former Governor Adriana Kugler after she suddenly announced her resignation without stating a reason for doing so. He has said that he will take an unpaid leave of absence as chair of the White House’s Council of Economic Advisors rather than fully resign from the position. Miran’s place on the board, which will last until Jan. 31, 2026 when Kugler’s term was due to end, has been viewed by critics as a threat from Trump to the Fed’s independence, as the president has nominated three of the seven members. Trump also said in August that he had fired Federal Reserve Board Governor…
Share
BitcoinEthereumNews2025/09/18 02:26