- Stablecoin market projected at $500B by 2028 by JPMorgan.
- Crypto internal demand drives growth.
- Outside mainstream penetration remains limited.
JPMorgan Chase & Co. projects a $500 billion stablecoin market by 2028, led by Nikolaos Panigirtzoglou. This follows their historical involvement in digital assets and reflects skepticism about mainstream financial replacement.
JPMorgan’s prediction highlights crucial internal demand in crypto markets, with limited impact on broader financial systems.
JPMorgan has announced a prediction for the stablecoin market, expecting it to reach $500 billion by 2028. This forecast reflects a conservative view compared to other banks. The report is spearheaded by Nikolaos Panigirtzoglou, known for his work on digital asset market strategies.
The report illustrates that the growth is predominantly fueled by internal uses like trading and DeFi activities. It critiques the perception that stablecoins will replace traditional currencies for everyday transactions. As of mid-2025, circulating supply reached $254 billion, indicating ongoing growth trends.
“The idea that stablecoins will replace traditional money for everyday use is still far from reality.” – Nikolaos Panigirtzoglou, Managing Director and Global Market Strategist, JPMorgan Chase & Co.
Despite the expanding stablecoin influence in crypto sectors, the broader financial adoption continues to face barriers. Factors like regulatory challenges and limited mainstream acceptance persist. Recently passed legislation, such as the GENIUS Act, has not shifted external usage patterns significantly.
The historic growth in stablecoin market cap mirrors earlier events, notably the 2020–2021 period, driven by speculative activities. Tokens such as USDT, USDC, and DAI are notably affected by these market dynamics, indicating persistent internal demand.
Potential outcomes from JPMorgan’s forecast suggest that crypto market reliance on stablecoins will continue. However, if properly harnessed, stablecoins may experience incremental growth outside the crypto sphere. Regulatory developments will likely shape future trajectories and impact financial ecosystems.
