According to JPMorgan analysts led by managing director Nikolaos Panigirtzoglou, rising stablecoin velocity may not lead to proportional growth in total market capitalization, despite accelerating usage. Stablecoin velocity—how frequently the same token is used in transactions—has increased sharply over the past year, allowing the same amount of stablecoins to handle significantly more transactions. The analysts said higher velocity would likely limit stablecoin market expansion going forward, even if payment adoption rises exponentially. The stablecoin market cap has grown nearly $100 billion over the past year to above $300 billion, while on-chain transaction volume is running at an annual pace of approximately $17.2 trillion, driven partly by the passage of the GENIUS Act in the U.S. last year.
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