Odaily News JPMorgan Chase released a research report predicting that the global stablecoin market will grow to $500 billion in 2028, far lower than the $1 trillion to $2 trillion predicted by some institutions. The bank pointed out that currently 88% of stablecoin demand comes from crypto-native activities (such as trading, DeFi mortgages), and only 6% is used for payment scenarios.

The report shows that stablecoins are unlikely to replace bank deposits or money funds on a large scale, mainly due to lack of returns and friction in fiat-crypto conversions. Analysts have refuted the view that stablecoins are comparable to China's digital yuan or mobile payments, emphasizing the essential differences between the two in terms of centralized models. It is worth noting that Standard Chartered Bank predicted in April that if the US GENIUS Act is passed, the supply of stablecoins may surge to US$2 trillion in 2028. JPMorgan Chase believes that stablecoins are more likely to maintain a moderate growth path led by crypto demand rather than achieve widespread payment applications. (CoinDesk)