According to online reports, JPMorgan Chase released a report questioning the forecast of the US$2 trillion size of the stablecoin market, believing that the figure was "too optimistic." Analysts pointed out that the current market size of US$260 billion may only achieve 2-3 times growth in a few years, far below the U.S. Treasury Secretary's previous forecast of exceeding US$2 trillion in 2028. The report pointed out that although the GENIUS Act has established a regulatory framework for stablecoins, the improvement of payment infrastructure and ecosystems will still take time. Currently, USDT and USDC account for more than 60% of the market share, but stablecoins only account for 1% of global capital flows. Analysts believe that due to investors 'conservative attitude towards cash management, it will be difficult to use stablecoins as a mainstream liquidity alternative in the short term. JPMorgan Chase emphasized that although stablecoins have instant settlement advantages in cross-border payments, their acceptance by merchants is still higher than that by ordinary consumers.