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Banking Industry Likely to Capitalize on Stablecoin Deposit Demand, Says Morgan Stanley

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The banking business will most certainly try to capitalize on the demand for stablecoin deposits on the again of the market’s exponential progress, Morgan Stanley’s lead cryptocurrency strategist, Sheena Shah, mentioned in a report.

  • Some notable options of those cash is that they supply entry to crypto-deposit rates of interest and decentralized finance (DeFi). Crypto lenders supply over 5% curiosity on a few of these cash, which in flip will trigger regulators and governments to reply, Morgan Stanley mentioned.
  • Stimulus from governments and central banks have led to dangerous belongings reaching all time highs and cryptocurrencies are not any totally different, Shah mentioned. Cryptocurrencies are buying and selling “similarly to risky assets” with the assist from the leverage progress of their markets, she added.
  • Shah notes that “institutional investor interest in participating in the upward price momentum is building,” including that bitcoin’s dominance is slipping as “alternative coins outperform due to their lower [U.S. dollar] prices and potential use cases.”
  • “The battle of the blockchains” is probably going to proceed as every picks up market share, Shah mentioned, noting that stablecoin issuance has risen 20 instances since 2020.
  • As extra establishments, akin to asset managers, exchanges and corporates, resolve to purchase crypto, bitcoin models will find yourself within the possession of fewer individuals, which can end in centralization, she mentioned.
  • Bitcoin was buying and selling at $65,962 as of publication time.

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