JPMorgan Projects Stablecoin Market to Reach $500-$600 Billion by 2028
JPMorgan projects the stablecoin supply to reach between $500 billion and $600 billion by 2028, a figure significantly below more bullish industry projections of $2 trillion to $4 trillion.
As of 2025, the stablecoin supply has increased by approximately $100 billion year-to-date, reaching roughly $308 billion. This growth has been led primarily by USDT and USDC stablecoins.
Demand for stablecoins remains driven mainly by uses in crypto trading and as collateral across derivatives and decentralized finance (DeFi) platforms. Notably, derivatives venues have added about $20 billion in stablecoin holdings amid increased activity in perpetual futures.
The majority of stablecoin demand stems from their use as cash or collateral to facilitate cryptocurrency trading, including derivatives and DeFi lending and borrowing.
Payments adoption has the potential to increase stablecoin velocity more than their supply. The expansion of cross-border payment rails may further boost stablecoin usage.
Central bank digital currencies (CBDCs) and regulated alternatives could present competition to private stablecoins. In response, banks and payment networks are working to protect institutional flows through initiatives like tokenized deposits and blockchain projects.
This information was published on December 19, 2025.
