Riot Platforms posted $167.2 million in revenue for the first quarter of 2026, with its newly launched data center business contributing $33.2 million.

The data center revenue helped offset a decline in Riot’s core Bitcoin mining business, which fell to $111.9 million from $142.9 million in Q1 2025, driven by lower average Bitcoin prices and a 24% rise in the global network hash rate. Riot produced 1,473 Bitcoin during the quarter, down from 1,530 a year earlier, while the average cost to mine one coin increased to $44,629 from $43,808, according to an announcement.

“The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator,” CEO Jason Les said, adding that AMD’s decision to double its contracted capacity to 50 megawatts during the quarter validated the company’s ability to execute at institutional scale.

AMD had initially contracted 25 megawatts before exercising an option to expand, bringing total contracted capacity to 50 megawatts of critical IT infrastructure.

Related: CoreWeave shows how crypto-era infrastructure quietly became AI’s backbone

Riot holds $1.1 billion in Bitcoin

Riot ended the quarter holding 15,679 Bitcoin, valued at roughly $1.1 billion based on a March 31 price of $68,222, with 5,802 coins held as collateral. The company maintained $282.5 million in cash, of which $76.9 million is restricted. Riot also said it sold more than $250 million worth of Bitcoin during the quarter.

Meanwhile, engineering revenue, which covers infrastructure services, rose to $22.2 million from $13.9 million year-over-year, adding another layer of diversification to the company’s revenue mix.

Riot’s stock closed up 7.31% at $18.50 on Friday, surging on the earnings release. The stock slipped 0.57% in after-hours trading to $18.40.

Riot shares surge on earnings news. Source: Yahoo! Finance

Related: Bitcoin Miner Bitdeer Liquidates Entire BTC Treasury, Holdings Fall to Zero

Bitcoin miners shift to AI

Bitcoin miners are increasingly shifting toward AI infrastructure as tightening mining margins push the industry to seek more stable revenue streams. As Cointelegraph reported, Core Scientific is converting its Pecos, Texas site into a 1.5-gigawatt AI-focused data center campus, repurposing 300 megawatts of Bitcoin mining capacity and acquiring over 200 acres of land to support the buildout.

Among other miners, MARA Holdings has acquired a majority stake in French AI infrastructure firm Exaion, while Hive, Hut 8, TeraWulf and Iren are also converting mining facilities into data centers.

Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Ripple CTO Emeritus David Schwartz has pushed back against a resurfaced 2017 post in which he said XRP could not stay “dirt cheap,” rejecting the community’s reading of it as a price guarantee and separately dismissing claims that Ripple holds any hidden mechanism to massively reprice the token.

David Schwartz addressed the resurging controversy on X after a user accused him of deliberately misleading XRP holders and questioned whether he would delete the 2017 comments. As crypto.news reported, the original post had argued that XRP could not be “dirt cheap” if it were to support large-scale global transactions. Schwartz clarified the post was about market mechanics: if XRP trades at $1, a user needs one million tokens to move $1 million; if XRP trades at $1 million, one token moves the same value. “I think it’s very simple,” Schwartz said. The number of tokens needed changes with price, but the underlying economic logic about transaction capacity does not.

He declined to delete the old post, saying it would remove useful context and add confusion to an already contentious discussion. On the more recent claim that Ripple possesses a hidden lever to drive XRP dramatically higher, Schwartz was direct. “Maybe there was one time when you could semi-plausibly argue that Ripple had some easy way to shoot up the price of XRP massively for good but was just waiting for the right time,” he wrote on X on May 1. “But boy, it’s hard to argue that today.” He posed a blunt market question to the community: “If there were a few very rich, very rational people who truly believed there was a 1% chance that XRP could reach $10,000 in 10 years, they would bid the price of XRP at least at $20 today. Why aren’t they? Conspiracy?”

As crypto.news documented, Schwartz has also recently pushed back against theories that Ripple’s NDA agreements with banking partners indicate hidden government or central bank XRP adoption plans, calling them standard commercial confidentiality arrangements. As crypto.news tracked, Schwartz stepped back from his day-to-day CTO role at the end of 2025 and now holds a CTO Emeritus position and board advisory role, though he remains one of the most active and direct communicators in the XRP ecosystem on X. XRP was trading near $1.38 at the time of Schwartz’s latest posts.

The Ethereum Foundation has completed a third over-the-counter sale of ETH to BitMine Immersion Technologies, offloading 10,000 ETH at an average of $2,292 per coin — roughly $22.9 million. The move continues a pattern of regular Foundation exits into a single counterparty, with the latest transaction following a similar 10,000 ETH sale completed just a week earlier at $2,387 per ETH. In total, the Foundation has moved about $47 million worth of ETH to BitMine over the past week, according to an official post on X.

The Foundation said the proceeds will support its core operations and activities, including protocol research and development, ecosystem development, and community grant funding. The disclosure comes after the Foundation unstaked 17,035 ETH last week, worth about $40 million, a move that appears to undercut a previously stated target of reaching 70,000 ETH staked. The evolution of the Foundation’s treasury activities has kept market observers watching how the ETH reserve is used and whether the sales reflect broader treasury management choices at a time of shifting staking dynamics.

Key takeaways

• The Ethereum Foundation’s latest OTC sale to BitMine delivered 10,000 ETH at an average of $2,292, adding to a prior week’s 10,000 ETH sale at $2,387 and a March sale of 5,000 ETH at around $2,043 — the Foundation’s combined BitMine transactions total about $47 million in a short span.
• BitMine Immersion Technologies remains the largest Ethereum treasury holder, approaching 5 million ETH, and has boosted its staking share dramatically to 83% of holdings (about 4.19 million ETH), equating to roughly $9.5 billion staked based on recent prices.
• The Foundation’s unstaking of 17,035 ETH last week highlighted tensions around its stated goal for on-chain staking and raised questions about liquidity management versus long-term staking commitments.
• ETH currently trades near $2,303, holding a fraction of its all-time high and illustrating the ongoing structural and regulatory considerations surrounding ETH’s use as a treasury asset and its role within large-scale staking ecosystems.

EF’s sales pattern: liquidity needs, not liquidation alarms

Through three consecutive OTC dispositions to the same counterparty, BitMine, the Ethereum Foundation has created a recurring liquidity channel that funds ongoing protocol work and ecosystem initiatives. The most recent 10,000 ETH sale at $2,292 per ETH, combined with the previous week’s 10,000 ETH sale at $2,387, indicates a consistent price band in the low-$2,000s over this period. A first sale in March of 5,000 ETH at around $2,043 establishes a broader context of the Foundation adjusting its balance sheet while attempting to preserve core operational funding.

In aggregate terms, the Foundation’s ETH withdrawals have generated roughly $47 million in the last week alone, underscoring how treasury management has shifted from broad public fundraising or grant activity to a more targeted, bilateral approach with BitMine. The Foundation described the proceeds as supporting core activities, highlighting R&D work on protocol improvements, ecosystem development, and community funding — a reminder that treasury strategies can directly influence the pace of Ethereum’s ongoing evolution.

Unstaking, policy signals, and what remains uncertain

Last week’s unstaking of 17,035 ETH — valued at about $40 million at current prices — adds nuance to the Foundation’s risk calculus. The move appears to temper a stated objective of reaching 70,000 ETH staked, suggesting a recalibration of how much liquidity the Foundation is comfortable offloading versus the amount it wants to lock into staking as a governance-backed security for Ethereum’s long-term security model. Even as the Foundation has previously signaled intentions to limit sales, its current activity shows a willingness to monetize a portion of its holdings to fund ongoing work, a strategy that continues to draw scrutiny from community members and market watchers who weigh treasury transparency against long-term protocol commitments.

Industry observers have noted that the Foundation’s treasury policy has evolved over time. A prior stance to cap or slow sales has given way to a more nuanced approach that balances funding needs with the stability of ETH’s market and the broader governance of the project. While staking remains a cornerstone of Ethereum’s security model, the ETF-like dynamics of large-scale ETH treasuries—whether from foundations, funds, or corporate treasuries—continue to raise questions about market concentration, liquidity, and potential implications for price discovery during periods of heavy selling pressure.

BitMine’s expanding ETH portfolio and staking posture

BitMine Immersion Technologies sits at the center of these developments as the single largest Ethereum treasury holder, with close to 5 million ETH on its books. The company’s recent activity includes a move earlier in the year that added 101,901 ETH in what was described as its largest weekly purchase of the year, signaling aggressive accumulation even as some holders exit or reallocate.

The firm has simultaneously scaled its staking activity. Data cited by market observers indicate that roughly 83% of BitMine’s ETH holdings are now staked — about 4.19 million ETH — a share that translates into significant ongoing network security and rewards potential. At current price levels, this stake equates to approximately $9.5 billion in value, highlighting the scale of BitMine’s influence within the Ethereum ecosystem and the potential impact on liquidity and staking yield dynamics as the year progresses.

The rapid uptick in staking from roughly 70% the prior week signals a realignment in BitMine’s strategy, moving toward deeper participation in Ethereum’s consensus mechanism. This level of commitment has broad implications for ETH’s yield environment, validator economics, and the potential for further concentration of staking power among a handful of large holders who are actively stacking ETH for longer durations.

Market context and what to watch next

ETH prices have hovered around $2,303, broadly flat on the day and down more than half from the all-time high near $4,953 achieved last August. The price backdrop matters, not only for retail traders but for large treasury decisions that hinge on the relative value of ETH for both sale proceeds and staking economics. As the Ethereum Foundation continues to balance operations funding with the broader security and development agenda of the network, investors will be watching for any shifts in treasury policy, including whether further OTC sales appear or if the Foundation pivots more decisively toward reinvestment via ecosystem programs or protocol work.

For BitMine, the combination of a near-5 million ETH portfolio and an 83% staking rate reinforces the firm’s prominence in the Ethereum space. Investors and developers alike will want to monitor whether BitMine broadens its stake further, potentially affecting liquidity and validators’ distribution. On the regulatory side, heightened scrutiny of large cryptocurrency treasuries and the mechanisms through which they deploy capital could shape how similar entities manage risk, disclosures, and governance in the months ahead.

As the market digests these developments, readers should watch for any formal updates from the Ethereum Foundation regarding treasury policy or new disclosures about their liquidity planning. Additionally, changes in staking dynamics, particularly if BitMine’s share continues to climb or if other major holders adjust their posture, could influence ETH’s price trajectory and the pace of ecosystem funding over the near term.

The Ethereum Foundation has completed a third over-the-counter (OTC) sale of ETH to BitMine Immersion Technologies, offloading another 10,000 ETH at an average price of $2,292 per coin, worth roughly $22.9 million.

“This sale funds the Ethereum Foundation’s core operations and activities, including protocol R&D, ecosystem development, community grant funding and more,” the Foundation wrote in a Friday post on X.

The sale follows a nearly identical 10,000 ETH transaction completed just one week earlier at $2,387 per coin. The Foundation’s first sale to BitMine came in March, when it sold 5,000 ETH at around $2,043. Combined, the Foundation has sold approximately $47 million worth of ETH to BitMine in the past week alone.

Ethereum Foundation sells 10,000 ETH. Source: Ethereum Foundation

The move also comes after the foundation unstaked 17,035 ETH worth roughly $40 million last week, apparently dropping its stated goal of 70,000 staked ETH.

Related: These 3 Ethereum metrics favor an ETH price rally to $6K

EF under scrutiny over ETH sales

The repeated sales have drawn criticism from the community. “Why do you need $46 million in 2 weeks?! How much are you guys burning and what for? Why is no one from the devs taking ETH directly as payment?!” one user wrote in response to the announcement.

The Foundation has faced scrutiny over its ETH sales before, and at one point last year said it planned to limit them. It has since moved to offset some of that pressure by staking a portion of its holdings.

ETH is currently trading at around $2,303, largely flat over the past day, according to data from CoinMarketCap. However, the token is down by more than 53% compared to its all-time high of $4,953 registered in August last year.

Related: Ether treasuries need liquid staking edge to beat ETFs, says Lido exec

BitMine nears 5 million ETH

BitMine, chaired by Tom Lee, is the largest Ethereum treasury company by holdings, with nearly 5 million ETH on its books. The milestone was reached after the firm added 101,901 ETH in its biggest weekly purchase of the year.

The company has also been aggressively staking its holdings, with 83% of its cumulative ETH, around 4.19 million coins worth roughly $9.5 billion, now staked as of Thursday, up from about 70% the previous week.

Magazine: Your guide to surviving this mini-crypto winter

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Quick Overview

• Social media sentiment surrounding XRP surged 240% over the past month, reaching its highest point in two years following Rakuten Wallet partnership news
• Japan’s Rakuten now enables its 44 million users to convert loyalty rewards into XRP, usable across 5 million merchant locations
• Current price action shows XRP consolidating at $1.3764 at the convergence point of a symmetrical triangle formation
• Critical resistance zone identified between $1.40–$1.45; successful breakout could push toward $2.10 target
• Prediction markets show 34% probability of XRP closing at $1.40 today, with 28% odds for a $1.35 finish

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XRP currently trades at $1.3764 with a modest 0.66% gain on May 1, positioned precisely at the convergence point of a narrowing symmetrical triangle formation. Market sentiment has climbed to its strongest reading in 24 months, fueled by a significant partnership announcement with Rakuten Wallet, a leading Japanese payment platform.

The partnership announcement from Ripple revealed that Rakuten’s massive user base of 44 million individuals can now seamlessly convert their loyalty rewards — representing more than $23 billion in total value — into XRP. The integration allows users to execute trades within the application and utilize their XRP holdings at more than 5 million participating merchants via the Rakuten Pay platform.

Ripple characterized the development as “one of the largest retail deployments of XRP as a payment method to date.” The announcement triggered a 2% price increase over the following 24-hour period, though XRP continues trading 62% beneath its multi-year peak of $3.66 established in July 2025.

Market analyst John Squire responded to the Rakuten development on X, stating: “Buy $XRP with points. Spend it across millions of merchants in Japan. This is what mass adoption looks like.” His commentary resonated widely throughout crypto-focused social media channels in the wake of the announcement.

Analytics provider Santiment documented that XRP’s sentiment metric climbed to 3.9 on its Positive/Negative measurement scale — a threshold not witnessed since early 2024. This represents a 240% elevation from the 1.135 reading documented on March 29, which followed a 20% price decline.

Santiment observed that such announcements “doesn’t often instantly lead to major price outbreaks,” noting that favorable price movements generally materialize after the initial wave of FOMO subsides.

Symmetrical Triangle Formation Reaches Critical Juncture

The symmetrical triangle visible on daily timeframes has been developing since February’s bottom at $1.11. The pattern’s upper and lower trendlines are now merging at present price levels, indicating an imminent directional resolution.

Chartist Ali Charts shared on X that XRP is currently “coiling” within the triangle structure and that a validated breakout could generate a 26% price movement. He pinpointed $1.35 as the support threshold and $1.45 as resistance, labeling the area between them as a “no-trade zone.” A daily candle closing above $1.45 projects toward $1.82, whereas a close beneath $1.35 points to $1.00.

Roughly 2 billion XRP tokens are currently held by market participants at an average acquisition cost between $1.40–$1.45, based on Glassnode’s cost-basis analysis. This accumulation zone generates organic selling pressure within that price range.

Technical Indicators and Market Probability Assessment

The MACD histogram is exhibiting a bullish crossover precisely at the triangle’s apex — representing its most favorable configuration since March. The Parabolic SAR indicator currently registers at $1.4606, establishing the initial overhead resistance level.

Polymarket prediction contracts currently assign a 34% likelihood that XRP concludes today’s session at $1.40, with a 28% probability for a $1.35 close. The probability of closing above $1.45 remains at 2% or lower.

Schwartz Responds to $10,000 XRP Speculation

During the XRP Las Vegas conference on April 30, Ripple’s CTO emeritus David Schwartz directly addressed the widely-discussed $10,000 XRP price hypothesis. He argued that if rational market participants genuinely assigned even a 1% probability to such an outcome materializing within a decade, the current price would already exceed $20. Schwartz emphasized that markets efficiently price in collective expectations, and existing valuations reflect actual market conviction.

The XRP Las Vegas event also featured the official announcement of the Ripple-OKX strategic partnership and the listing of Ripple’s RLUSD stablecoin product.

A standard measured-move projection from the triangle formation indicates potential upside toward $1.55–$1.60, corresponding to the previous range highs established during March.

Key Highlights

• Combined lifetime trading volume for Kalshi and Polymarket surpassed $150 billion during April 2025
• Kalshi achieved an all-time monthly record of $14.81 billion in volume, marking a 13.3% increase from March
• Polymarket experienced a 14.8% decline to $9.01 billion, expanding Kalshi’s monthly advantage to $5.8 billion
• Active user count on Polymarket decreased from 733,000 in March to 643,000 in April
• Sports betting and parlay-style “Exotics” contracts represent approximately 85% of Kalshi’s trading activity

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The prediction market industry reached a significant benchmark in April as Kalshi and Polymarket collectively surpassed $150 billion in all-time trading volume. This achievement occurred despite the sector experiencing its first month-over-month decline in trading activity following seven consecutive months of expansion.

Kalshi led the charge with an impressive $14.81 billion in notional trading volume throughout April. This represented a 13.3% jump compared to the platform’s March record of $13.07 billion.

The timing made this performance particularly noteworthy. Unlike previous months, April lacked major sporting tentpole events like the Super Bowl, March Madness finals, or NFL playoff games. Instead, the month featured the commencement of NBA and NHL playoffs, The Masters golf championship, and the opening weeks of Major League Baseball’s season.

The Masters tournament alone drove $545 million in notional volume on Kalshi — precisely matching the platform’s Super Bowl single-game volume of $545.1 million.

Meanwhile, Polymarket saw its trajectory reverse. The platform’s notional volume contracted 14.8%, declining from $10.57 billion in March to $9.01 billion in April. This downturn widened Kalshi’s monthly advantage over Polymarket to $5.8 billion, significantly larger than the $2.5 billion differential observed in March.

Sports Betting and Exotic Contracts Fuel Kalshi’s Momentum

Sports-related contracts dominated Kalshi’s activity, comprising 74.3% of weekly volume during the week ending April 20. When factoring in Exotics — the platform’s innovative parlay-style combination contracts — this proportion climbed to approximately 85%.

The Exotics category is experiencing rapid expansion. During the week of April 20, these contracts generated $412.5 million in volume, representing roughly 10.6% of Kalshi’s total weekly activity, up from 8.7% the previous week.

In terms of taker volume for April, Kalshi recorded $5.42 billion compared to Polymarket’s $1.99 billion. Kalshi also processed a higher transaction count — 94.4 million versus Polymarket’s 87.4 million — reversing a historical pattern where Polymarket had maintained the lead in transaction volume.

Polymarket’s Diversified Category Mix Shows Volatility

Polymarket operates with a distinctly different category distribution than Kalshi. During the week of April 20, sports markets led at 46%, while cryptocurrency-related markets captured 22% and political prediction markets contributed an additional 27%.

This diversified approach provides Polymarket with advantages during periods of heightened crypto market activity or significant political developments. However, when both sectors experience lulls — as occurred during portions of April — the platform lacks the concentrated sports betting volume that sustains Kalshi’s baseline activity.

Polymarket’s active trader population declined from approximately 733,000 in March to roughly 643,000 in April. This reduction indicates that some of March’s engagement was likely attributed to March Madness tournament excitement, with April figures reflecting more normalized user participation levels.

Regarding regulatory developments, Polymarket is reportedly pursuing entry into the U.S. market after acquiring a CFTC-licensed derivatives exchange. Kalshi secured funding in March at a $22 billion valuation. Polymarket is currently seeking investment at a reported $15 billion valuation.

Nine months prior, the prediction market sector processed approximately $2 billion in combined monthly volume. By April 2026, total monthly volume across both platforms reached roughly $28 billion.

Key Takeaways

• Spot Bitcoin ETFs in the U.S. attracted $1.97 billion during April, marking the strongest monthly performance in 2026
• A significant agreement was announced by Coinbase regarding critical language in prominent U.S. cryptocurrency legislation
• The CLARITY Act may be signed into law by the president as early as summer 2026
• Hacking groups linked to North Korea accounted for 76% of cryptocurrency theft losses in 2026 up to April
• Provisions within the CLARITY Act addressing stablecoins may permit certain reward mechanisms while restricting deposit-like yield offerings

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The past week in cryptocurrency markets centered around regulatory developments, institutional capital movements, and cybersecurity concerns. Price action yielded the spotlight to fundamental stories reshaping market infrastructure.

April Delivers Strongest Bitcoin ETF Performance of 2026

Spot Bitcoin ETFs in the United States attracted approximately $1.97 billion throughout April, representing the most robust monthly inflow figure for 2026, based on information from SoSoValue.

This metric carries significance as ETF capital flows provide one of the most transparent indicators of institutional appetite. The data demonstrates that sophisticated investors continue allocating capital to Bitcoin through regulated investment vehicles.

Earlier months in 2026 showed softer inflow patterns. The April rebound indicates renewed institutional participation in the space.

Market participants now monitor ETF flow metrics with intensity comparable to quarterly financial reports. Robust inflow periods can generate positive momentum throughout the wider cryptocurrency ecosystem.

Landmark U.S. Cryptocurrency Legislation Advances

Coinbase announced that negotiators reached consensus on an important component of sweeping U.S. cryptocurrency legislation. Reuters coverage indicated this breakthrough could facilitate Senate passage.

Senate Banking Committee Chairman Tim Scott is championing the legislation, dubbed the CLARITY Act. According to Yahoo Finance reporting, he aims to secure presidential approval by summer 2026.

Should the measure become law, it would establish new operational requirements for cryptocurrency platforms and create definitive token classification standards. The legislation would also delineate jurisdictional boundaries between the SEC and CFTC for digital asset supervision.

From a market perspective, this bill represents the most tangible opportunity for comprehensive regulatory clarity in recent memory.

Stablecoin Provisions Generate Industry Focus

Recently released CLARITY Act language includes provisions governing stablecoins. CoinDesk coverage highlighted that the current draft would permit cryptocurrency companies to provide certain stablecoin reward programs while prohibiting yield products resembling traditional bank deposits.

Stablecoins function as foundational infrastructure within the cryptocurrency ecosystem. Their applications span trading pairs, payment processing, decentralized finance protocols, and international money transfers.

The central policy question concerns whether cryptocurrency platforms can distribute rewards without triggering banking regulations. The resolution will fundamentally influence capital circulation patterns across crypto markets.

Favorable regulatory treatment could unlock growth opportunities for stablecoin issuers and trading platforms. Conversely, overly restrictive frameworks may force business model adaptations.

North Korean Threat Actors Dominate 2026 Crypto Theft Statistics

According to TRM Labs analysis, cybercriminal organizations operating from North Korea were responsible for 76% of total crypto hack losses recorded in 2026 through the end of April.

The majority of stolen value stemmed from two major incidents. Combined losses from the Drift Protocol compromise and KelpDAO bridge vulnerability reached $577 million.

This trend reveals an evolution in attack patterns. Rather than numerous smaller breaches, a concentrated number of sophisticated, high-value exploits now comprise the majority of annual theft totals.

Cross-chain bridges and decentralized finance protocols continue representing the most vulnerable attack surfaces. For individual investors, security considerations remain among the most immediate risks when participating in cryptocurrency markets.

The TRM Labs analysis encompasses theft data through April 2026.

TLDR

• Annual stablecoin transaction volume is projected at $17.2 trillion for 2026
• Increasing velocity allows existing stablecoin supply to process more transactions without proportional market cap expansion
• The stablecoin market has expanded by approximately $100 billion year-over-year, exceeding $300 billion when yield-generating tokens are included
• JPMorgan forecasts market capitalization will only reach $500-$600 billion by 2028, far below trillion-dollar predictions
• Business-to-consumer and merchant transactions are experiencing the fastest expansion, with Asian markets dominating adoption

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The stablecoin sector is experiencing unprecedented transaction activity, yet the circulating supply may not expand proportionally. This assessment comes from banking giant JPMorgan.

In a recent analysis spearheaded by managing director Nikolaos Panigirtzoglou and his team, the emphasis was placed on escalating stablecoin velocity as the critical metric. Velocity represents the frequency at which individual stablecoin units circulate within a given timeframe.

Elevated velocity enables a constrained stablecoin supply to facilitate substantially greater transaction throughput. Consequently, even with dramatic increases in stablecoin-based payments, the aggregate market capitalization need not expand proportionately.

“As stablecoin payment infrastructure achieves broader adoption, operational efficiency improves, driving velocity higher,” the research team explained. “Elevated velocity will probably constrain the overall expansion trajectory of the stablecoin ecosystem.”

Current onchain stablecoin transaction activity stands at approximately $17.2 trillion annually, extrapolated from 2026 year-to-date metrics. This substantial figure demonstrates genuine advancement in practical stablecoin utilization.

The aggregate stablecoin market capitalization has increased by nearly $100 billion in the past twelve months. Including yield-bearing variants, the total surpasses $300 billion.

This expansion has actually exceeded the broader cryptocurrency market’s performance, which analysts interpret as evidence that stablecoins serve purposes beyond speculation or serving as trading collateral.

Payment Applications Fuel Expansion

According to JPMorgan’s analysis, business-to-consumer and merchant payment applications are accelerating faster than peer-to-peer transfers. The bank referenced data from venture capital firm a16z crypto to substantiate this finding.

Peer-to-peer transactions continue to represent the dominant portion of total stablecoin activity. However, the migration toward merchant-based payments indicates stablecoins are penetrating mainstream commercial applications.

Asian markets continue to lead global stablecoin adoption, according to the analysts.

JPMorgan also highlighted the enactment of the GENIUS Act in the United States as a catalyst for increased transaction volume. This legislation established more definitive regulatory guidelines for stablecoin operations.

JPMorgan Maintains Conservative Forecast

This analysis represents a continuation of JPMorgan’s skeptical stance toward optimistic stablecoin forecasts. In December 2024, the research team stated they did not anticipate the stablecoin market achieving trillion-dollar valuations.

Their forecast indicated the market would approximate $500 to $600 billion by 2028. Previously in May 2024, they characterized trillion-dollar predictions from other analysts as “excessively optimistic.”

The current report maintains this conservative outlook. While robust transaction growth is undeniable, the fundamental dynamics of velocity suggest market capitalization will likely expand more gradually than raw transaction figures might imply.

Asian territories maintain their position as global leaders in stablecoin activity, with merchant payment integration continuing to broaden, according to the latest data referenced in JPMorgan’s analysis.