#数字资产市场洞察 $ETH $ZEC $BCH

【Will Stablecoins Growth Slow Down by 2028? JPMorgan Data Challenges Market Enthusiasm】

JPMorgan's latest report has poured cold water on the hype: the stablecoin market size is expected to be only $500-600 billion by 2028, a stark contrast to the previously inflated market expectations of $2-4 trillion. It seems reality is much more sobering than imagined.

This year, the market appears to be booming on the surface. The total stablecoin market surpasses $308 billion, with rapid growth. But a closer look reveals how this growth is achieved: mainly driven by trading, leverage, and DeFi—these three engines. Real-world payment use cases? Virtually zero. In other words, market growth is entirely fueled by internal crypto ecosystem circulation, without genuine penetration into real-world payment sectors.

So, what does the future hold? Several potential variables are worth noting:

**Cross-border transfers** are expected to become a new growth driver, which has always been a core narrative for stablecoins.

**Tokenized deposits by traditional banks** are quietly gaining momentum. If they innovate effectively, they could directly "cut into" the crypto market’s share.

**Central Bank Digital Currencies (CBDC)** by various countries are already on the agenda. Officially backed stablecoins are coming, which could completely reshape the market landscape.

So the question is—will the stablecoin market ultimately flourish with a hundred flowers blooming, or will a few giants dominate the scene? Stay tuned in our comment section for the real story.