According to an analysis from JPMorgan released on Sept. 5, they lack the short-term liquidity of other payments systems, so usage could grow faster than the network can safely support.

Transaction growth could outpace network capacity

In a note to clients, analysts highlighted the potential for substantial growth in stablecoin payment systems like Libra. 

"Stablecoins, and Libra in particular, have the potential to grow substantially and ultimately shoulder a significant fraction of global transactional activity."

But JPMorgan urges caution if the networks become responsible for a significant proportion of global transaction activity. The note explains: 

"As currently designed and proposed, they do not take into account the microstructure of operating such a payment system. The risk of payment system gridlock, particularly during periods of stress, could have serious macroeconomic consequences."