JPMorgan analysis points out that while stablecoin trading volume is growing rapidly, its total market size may not expand proportionally, primarily due to increased velocity. The report states that as stablecoins are increasingly used in payment scenarios, the same unit of currency is used more frequently, improving overall efficiency and limiting demand for new stablecoin supply. The bank maintains a relatively cautious outlook, predicting a total stablecoin market capitalization of approximately $500 billion to $600 billion by 2028, believing that market expectations of a "trillion-dollar scale" are overly optimistic.