Introduction The cryptocurrency ecosystem has witnessed a whirlwind of speculation, innovation, and policy debates over the past decade, particularly surrounding stablecoins—cryptocurrencies designed to maintain a stable value against a reference currency, often the U.S. dollar. While early projections painted a booming trajectory for stablecoin adoption, a new sobering analysis from J.P. Morgan has thrown cold water on the idea of trillion-dollar growth. On July 3, 2025, J.P. Morgan downgraded its