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J.​P. Morgan says the rally in crypto/​bitcoin so far this year has fueled much of the growth in stablecoins:

  • In contrast to last year when market participants were still reeling from the collapses of several high-​profile crypto entities, the regional banking crisis, and of course, the Fed’​s tightening campaign, the stablecoin market is growing once again.

JPM cite industry sources saying the size of the stablecoin market is around US$​160bn today

  • 30% increase from the local low in late 2023
  • just shy of the peak of $​180bn in early 2022

Tether remains the primary player, comprising nearly 75% of this market

  • over $​110bn of coins in circulation (​a record high)


A stablecoin is a type of cryptocurrency designed to maintain a stable value relative to a reference asset, typically a fiat currency like the US dollar or a commodity like gold:

  • can provide the price stability of fiat currencies
  • while retaining the advantages of cryptocurrencies, such as fast transaction speeds and low fees
  • widely used for trading, lending, and as a medium of exchange in decentralized finance (DeFi) applications
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