Recent statements by JPMorgan suggest that the US Treasury's prediction of achieving a $2 trillion stablecoin market by 2028 is overly optimistic, with the bank projecting a more realistic range of $500 to $750 billion.
JPMorgan's Stance on Stablecoins
JPMorgan, in its research note, states that the $2 trillion prediction is a bit optimistic. The bank's analysts highlight that slow growth will be driven by fundamental infrastructure gaps and conservative investor attitudes.
Infrastructure Gaps Hindering Growth
Despite the growing political momentum for digital assets, JPMorgan believes the necessary infrastructure for mainstream adoption of stablecoins is still lacking. The report notes that the usage of stablecoins is heavily concentrated in crypto markets, with only 6% of demand tied to real-world payments.
Expert Opinions Differ
US Treasury Secretary Scott Bessent has a more optimistic view, suggesting that regulated stablecoins could reach or exceed the $2 trillion forecast. He emphasized the need for legislative support, such as the GENIUS Act, for successful market growth. Ripple CEO Brad Garlinghouse also supported the $2 trillion forecast, pointing to successful tokens like RLUSD.
In conclusion, while forecasts for the stablecoin market are a subject of debate, JPMorgan's analysis emphasizes real usage metrics and infrastructure readiness. All experts agree on one point: real-world adoption of stablecoins is hampered by regulatory uncertainties and infrastructure gaps.
