According to the source, JPMorgan analysts forecast the stablecoin market will total USD 500-600 billion by 2028, disputing near-term multitrillion-dollar estimates (JPMorgan research cited Dec 19, 2025). For traders, this projection provides a moderated growth baseline for stablecoin supply into 2028 to calibrate liquidity assumptions across spot and derivatives markets (JPMorgan projection, Dec 2025).