JPMorgan co-president Doug Petno stated at the Barclays Global Financial Services Conference that institutional interest in stablecoins remains nascent. He cited regulatory hurdles, KYC requirements, and interoperability issues as primary barriers. While the bank maintains the capability to launch its own stablecoin, Petno noted that demand is currently limited to crypto trading activities.
JPMorgan Global Research projects the total stablecoin market will reach between $500 billion and $750 billion. This forecast is significantly lower than the $2 trillion estimates provided by other analysts. The bank continues to focus on its blockchain payments division, Kinexys, and the development of tokenized deposit rails instead of public stablecoins.
Tether CEO Paolo Ardoino responded to these comments by highlighting the current scale of his company. Tether’s USDT currently holds a market value near $183 billion, while the total supply of all stablecoins is approximately $311 billion. Ardoino used an analogy about importing ice to the North Pole to dismiss the bank's claims regarding a lack of demand.
The company has recently taken steps to address institutional requirements for transparency. In August 2026, KPMG completed the first clean audit for Tether. Despite this, Ardoino has remained focused on existing operations, recently denying reports regarding the development of a proprietary Tether blockchain.
