JPMorgan analysts stated that although the usage of stablecoins and the scale of on-chain transactions continue to grow, their market capitalization may not expand at the same rate. The main reason is the increase in "velocity," meaning that the same unit of stablecoin is used more frequently for transactions within a certain period, thereby improving efficiency and reducing the need for new supply; data shows that the current annualized on-chain transaction volume of stablecoins is approximately $17.2 trillion, with market cap growth approaching $100 billion over the past year. The total scale, including interest-bearing stablecoins, exceeds $300 billion, and use cases are expanding from crypto trading and collateralization to the payments sector, with C2B and merchant payments growing rapidly. Asia remains the primary region of use. (The Block)