JPMorgan says stablecoin usage can rise without matching market cap growth

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JPMorgan analysts said rising stablecoin usage may not translate into similar market cap growth, even as onchain stablecoin transaction volume is running at an annual pace of about $17.2 trillion this year. The analysts said higher stablecoin velocity means the same supply can support more transactions. JPMorgan said stablecoin market cap has grown by nearly $100 billion over the past year and exceeds $300 billion when yield-bearing stablecoins are included.

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