JPMorgan Sees Stablecoin Market at $600 Billion by 2028 as Transaction Volumes Outpace Market-Cap Growth

Stablecoins maintain price stability by pegging their value to assets such as the US dollar. Their use has gradually expanded beyond crypto trading into cross-border remittances, corporate settlement and everyday payments. Chainalysis believes that if adoption continues to rise, stablecoins could exceed the current scale of global cross-border payments by 2035 and become the default payment infrastructure.

Chainalysis’ latest forecast says stablecoin transaction volumes could reach $1.5 quadrillion by 2035, driven by organic growth, maturing regulatory frameworks and an intergenerational wealth transfer. Separate reports cited a $719 trillion estimate, reflecting differences in methodology and growth scenarios, but both point to a sharp expansion in transaction volumes over the next decade.

Stablecoins maintain their value by being pegged to assets such as the U.S. dollar. Initially used mainly for cryptocurrency trading and hedging, they are increasingly being adopted for cross-border payments and bank settlement. Australia’s Macquarie Bank said faster adoption of onchain dollars by Visa, Mastercard and major banks could make stablecoins an important part of the global financial infrastructure.

As of July 2026, the global stablecoin market capitalization had surpassed $312 billion, up about 50% from a year earlier, although the cryptocurrency market still accounted for roughly 90% of transaction volume. Banks and card networks are now integrating stablecoins into existing payment, clearing and settlement systems, expanding their use in real-world financial services.