Stablecoin usage sees significant increases while JPMorgan remains skeptical
Stablecoins are moving more money than ever before. However, according to analysts at JPMorgan Chase, the bigger story isn’t just growth—it’s how efficiently that money is moving.
Faster money, not necessarily bigger market
Stablecoin activity is rising quickly as more payments shift to real-time systems.
In a 2026 research led by Nikolaos Panigirtzoglou, summarized by Moneywise, JPMorgan highlighted a simple but powerful shift in expectations:
“Consumers and businesses increasingly expect funds to move as fast as information.”
(Source: Moneywise, 2026, summarizing JPMorgan Global Markets Strategy research)
Primary context: https://www.jpmorgan.com/?utm_source=chatgpt.com
They added:
“The sharp growth in real-time payment signals that instant settlement is moving from a ‘nice-to-have’ to a ‘must-have.’”
(Source: Moneywise, 2026)
What this really means:
People don’t want to wait for money anymore—and increasingly, they don’t have to. As payments become instant, stablecoins get reused more often. That higher turnover—what analysts call velocity—means the system can handle more activity without needing a much larger supply.
The data: usage is racing ahead
The total stablecoin market is now worth over $300 billion. That’s impressive—but what’s more striking is how much these assets are being used.
According to Andreessen Horowitz:
“Stablecoins processed $46 trillion in total transaction volume in the last year.”
(Source: a16z Crypto, State of Crypto Report, 2025)
Primary report: https://a16zcrypto.com/state-of-crypto-report-2025/
Another dataset from the same firm shows:
“Stablecoins have done $9 trillion in volume in the last 12 months.”
(Source: a16z Crypto, 5 More Charts That Explain Crypto, 2025)
Primary dataset: https://a16zcrypto.substack.com/p/5-more-charts-that-explain-crypto
Why this stands out:
Even if the exact numbers vary, the direction is clear—usage is growing much faster than market size. That gap is exactly what JPMorgan is pointing to.
A simple way to see the shift
Here’s a clearer way to understand what’s happening:
| Metric | 2022 | 2024 | 2026 (est.) | Trend |
|---|---|---|---|---|
| Stablecoin Market Cap | ~$150B | ~$250B | $300B+ | Steady growth |
| Annual Transaction Volume | ~$6T | ~$20T | $17T–$46T | Rapid growth |
| Implied Velocity (Volume ÷ Market Cap) | ~40x | ~80x | 60x–150x | Rising fast |
The takeaway:
Stablecoins aren’t just growing—they’re working harder. Each dollar is being used more frequently, which is why transaction volume is pulling away from market cap.
Regulation is helping bring this into the mainstream
Rules are also starting to catch up with adoption.
The GENIUS Act is one of the first major efforts to create a clear legal framework for stablecoins in the U.S.
The law requires stablecoins to be backed one-to-one by high-quality reserves, such as U.S. dollars or Treasuries.
Why this matters:
When rules become clearer, more businesses and institutions are willing to participate. That doesn’t just increase supply—it increases how often stablecoins are used, which again feeds into higher velocity.
Who dominates the market today?
Even with all this growth, the market is still concentrated among a few major players:
| Issuer | Flagship Stablecoin | Est. Market Share | Role in Velocity |
|---|---|---|---|
| Tether | USDT | ~65–70% | High trading activity, fast turnover |
| Circle | USDC | ~20–25% | Payments and institutional use |
| Others | Various | ~5–10% | Smaller but growing |
What this tells us:
Not all stablecoins behave the same way. Some are used heavily in trading (high velocity), while others are gaining traction in payments and real-world finance. That mix will shape how the market evolves.
So what’s really changing?
Step back, and a clear pattern emerges:
- Stablecoins are being used more often.
- Transactions are happening faster.
- The system is becoming more efficient.
This points to a bigger shift:
Stablecoins are no longer just digital cash. They are becoming core financial infrastructure.
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