USDT Drives Stablecoin Growth as JPMorgan Forecasts $500–$600B Stablecoin Market Cap by 2028

In a December note, JPMorgan analysts trimmed their forecast for the stablecoins market capitalization by 2028 to about $0.5–0.6 trillion, well below a trillion-dollar threshold. The year-to-date expansion runs near $100 billion, lifting the stablecoin market cap beyond $300 billion. Notably, USDT added roughly $48 billion and USDC about $34 billion, together underpinning the lion’s share of this growth.

Growth remains predominantly driven by activity within the crypto ecosystem, with stablecoins used as cash equivalents or as collateral for transactions — including derivatives and DeFi lending — and by crypto-native funds holding idle capital.