How stablecoins are reshaping global finance

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Oct 29, 2025

Teresa Ho, Head of U.S. Short Duration Strategy at J.P. Morgan, shares her insights on stablecoins, explaining their mechanics and growing significance in finance. She discusses the implications of the GENIUS Act and contrasts stablecoins with traditional deposits and money market funds. Teresa also highlights a $300 billion market, driven by crypto correlation and emerging market dollarization. While expressing doubts about retail adoption, she sees potential for institutional use and cross-border payments, all amidst ongoing regulatory challenges.

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INSIGHT

Stablecoins Are Digital Cash With New Legitimacy

Stablecoins act as digital cash on blockchain, enabling instant payments any time of day.
The GENIUS Act legitimized fiat-backed stablecoins and provided regulatory clarity that spurred adoption.

INSIGHT

Stablecoins Differ From Deposits And Money Funds

Stablecoins sit between deposits and money market funds but differ materially in guarantees and interest.
Tokenized deposits behave like traditional bank liabilities while stablecoins still face balance-sheet, KYC, and liquidity unknowns.

INSIGHT

Market Size And Conditional Treasury Impact

The fiat-backed dollar stablecoin market is roughly $300 billion today and could reach $500–1 trillion as crypto and EM demand grow.
Stablecoins may increase Treasury bill demand, but net impact depends on whether funds shift from money funds or bank deposits.

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In this episode, Kenneth Worthington, a Brokers, Asset Managers and Exchanges equity analyst at J.P. Morgan, is joined by Teresa Ho, head of U.S. Short Duration Strategy, to explore the dynamic world of stablecoins. Together, they break down what stablecoins are, how they work and why they’re gaining so much attention in today’s financial landscape. The discussion covers how stablecoins differ from deposits and money market funds, the impact of recent legislation such as the GENIUS Act, as well as what all this could mean for the future of finance.

This episode was recorded on October 23, 2025.

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