J.P. Morgan Bombshell: Stablecoin Trillion-Dollar Dream Shattered? 88% Demand Truth Revealed

J.P. Morgan's latest flows & liquidity report provides in-depth analysis of stablecoin market demand composition, revealing 88% stems from crypto ecosystem with only 6% for payments. The report projects moderate growth from current $250B to $500B by 2028, dismissing overly optimistic $1-2T forecasts. It also examines fundamental differences between e-CNY, Alipay/WeChat Pay and stablecoins, while warning of $0.4T deterioration in global bond supply-demand balance for 2025, potentially driving yields up 30bp.