JPMorgan Chase: Stablecoin market size forecast of $2 trillion "overly optimistic"

JPMorgan Chase issued a report questioning the size forecast of the stablecoin market at $2 trillion, arguing that the figure is "too optimistic". Analysts pointed out that the current market size of $260 billion may only achieve 2-3 times growth in a few years, far below the expectation of the US Treasury Secretary to break through the 2 trillion in 2028. The report pointed out that although the GENIUS Act has established a regulatory framework for stablecoins, it will still take time to improve the payment infrastructure and ecosystem. Currently USDT and USDC account for more than 60% of the market share, but stablecoins account for only 1% of global capital flows. Analysts believe that it will be difficult to use stablecoins as a mainstream liquidity alternative in the short term due to investors' conservative attitude towards cash management. JPMorgan Chase emphasizes that while stablecoins offer instant settlement advantages in the cross-border payment sector, merchant acceptance is still higher than that of ordinary consumers.