JPMorgan: Stablecoin trading volumes have surged, but the velocity mechanism prevents market capitalization from growing proportionally
JPMorgan pointed out that stablecoin trading volume is rising rapidly, and higher velocity may mean market cap does not necessarily grow in sync. It estimates stablecoin market cap in 2028 will be $500-$600 billion, which is conservative compared with more optimistic trillion-dollar predictions. In 2026 Q1, market cap was $315 billion, trading volume was $2.8 trillion, and annualized volume was $1.72 trillion. This view differs from a16z’s “programmable money” thesis, showing that the stablecoin debate has entered mainstream institutional discussions.
ChainNewsAbmedia·1h ago
