Turbulence in Tradfi set the stage for some bitcoin exchanges to increase market share by offering banking services to crypto-native firms and investors. JPMorgan analysts came to such conclusions, writes CoinDesk.
Experts noted an increase in stablecoin trading volume as the latter became more used to move financial value. In light of recent events, Tether has managed to strengthen its position, they added.
Analysts noted that fintech companies and offshore banks are also trying to fill the void formed after the collapse of Silvergate Bank, SVB and SBNY.
To a lesser extent, crypto firms with diversified partners in TradFi and some exchanges were affected by the crisis.
JPMorgan emphasized that in the long term it is vital for the ecosystem to replace the lost banking networks. This is necessary for the efficient and secure transfer of fiat between market participants, “while ensuring the stability of stablecoins.”
A tougher regulatory stance from the United States may push crypto market participants to banking networks in Europe and Asia, experts concluded.
Recall, analysts from the Moody’s rating agency noted that the recent decoupling of USDC from the US dollar could hinder the development of stablecoins and lead to tightening of regulation.
Earlier, representatives of the co-issuers of this “stable coin” – Circle and Coinbase – said that problems in the banking sector led to uncertainty in the cryptocurrency market.
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