J.P. Morgan has revised its forecast for the stablecoin market, projecting it will reach $500 billion by 2028, a significant reduction from earlier estimates that anticipated the market could hit $1 trillion. The bank cited limited evidence of mainstream adoption of dollar-pegged stablecoins, noting that usage remains primarily concentrated in cryptocurrency trading, decentralized finance (DeFi), and as collateral. Payment applications account for only $15 billion, or about 6% of the total demand. Meanwhile, the H1 2025 Skynet Stablecoin Spotlight Report highlighted that stablecoins processed $1.39 trillion per month in 2025, emphasizing disparities among stablecoins, including regulatory readiness and compliance risks.