JPMorgan analysts say that although stablecoin usage and on-chain transaction volumes continue to grow, their market cap may not expand proportionally. The main reason lies in the increase in 'velocity,' meaning that the same unit of stablecoin is being used more frequently for transactions within a given period, improving efficiency and reducing the need for new supply. Data shows that the current annualized on-chain transaction volume of stablecoins is approximately $17.2 trillion, with market cap growth of nearly $100 billion over the past year. The total market cap, including interest-bearing stablecoins, has exceeded $300 billion, and use cases are expanding from crypto trading and collateral to the payments sector. Notably, C2B and merchant payments are growing rapidly, with Asia remaining the primary usage region. (The Block) https://(wublock123.com)/news/jpmorgan-stablecoin-use-growth-may-not-expand-market-cap-velocity-limits-60418