JP MORGAN CHASE(US:JPM) Zhi Tong Cai Jing·2025-07-07 06:36Group 1 - Morgan Stanley predicts that the stablecoin market will only grow to $500 billion by 2028, stating that the previous forecast of $1 trillion was overly optimistic due to a lack of mainstream adoption of dollar-pegged cryptocurrencies [1][2] - Stablecoins are designed to maintain a constant value, typically pegged 1:1 to the US dollar, and are backed by physical assets such as US Treasury bonds or gold [1] - The application of stablecoins has expanded beyond cryptocurrency trading, attracting interest from fintech companies and banks looking to accelerate payment and settlement speeds [1] Group 2 - Currently, stablecoins account for only 6% of overall demand, approximately $15 billion, with most usage still concentrated in cryptocurrency trading, decentralized finance (DeFi), and as collateral [2] - The idea that stablecoins will replace traditional currencies as everyday payment tools is still far from reality [2] - The promotion of stablecoins outside the crypto market faces obstacles, primarily due to limited use cases and a fragmented regulatory framework [2]