JPMorgan: Stablecoin Usage Surge Won't Drive Similar $100B+ Market Cap Growth Due to Rising Velocity

According to JPMorgan analysts led by managing director Nikolaos Panigirtzoglou, stablecoin usage is growing rapidly, but this may not lead to proportional growth in total market capitalization over the past year. The key reason is rising velocity—how often the same stablecoin is used in transactions. Higher velocity allows the same amount of stablecoins to handle significantly more transactions, which would likely limit stablecoin market expansion even if payment usage grows exponentially.

The stablecoin market cap has increased by nearly $100 billion over the past year, with onchain transaction volume running at an estimated annual pace of about $17.2 trillion in 2026. The analysts project the stablecoin market cap at around $500–$600 billion by 2028.