[JPMorgan Reiterates: Stablecoin Market Size Unlikely to Reach $1 Trillion by 2028] According to The Block, JPMorgan analysts have reiterated that the stablecoin market size is unlikely to reach $1 trillion in the coming years. Its growth is expected to remain in sync with the broader cryptocurrency market rather than significantly outpacing it. The report noted that the stablecoin market has expanded by approximately $100 billion this year, surpassing the $300 billion mark, with growth primarily concentrated in two major mainstream stablecoins. This aligns with their long-held view that the growth of stablecoins is still primarily driven by activities within the crypto ecosystem. Just this year alone, driven by the surge in perpetual futures trading, stablecoin holdings on derivatives exchanges have increased by about $20 billion, making this activity the main driver of stablecoin supply growth. Therefore, over the next few years, the stablecoin market size is likely to continue growing in tandem with the overall cryptocurrency market capitalization, potentially reaching $500 billion to $600 billion by 2028, far below the most optimistic projections of $2 trillion to $4 trillion. Although payment-related use cases are expanding, this does not necessarily mean that the market capitalization of stablecoins will grow significantly. As stablecoins become more deeply integrated into payment systems, their velocity of circulation will become more important than their absolute supply. With the increasing adoption of stablecoins, banks are increasingly exploring tokenized deposits. Tokenized deposits aim to mitigate risks associated with stablecoins. Additionally, regional CBDC projects, as another competitive force, may reduce reliance on privately issued stablecoins, particularly in institutional and cross-border application scenarios.