The Institutional Risk Analyst

Smaller issuers of stable coins will soon be competing with Verizon (VZN) and JPMorgan (JPM), while platforms offering turnkey coin solutions will multiply like Lantern Flies. 

The proliferation of low- or no-cost coin systems is ultimately negative for established players in nonbank finance and payments, including the major card issuers, as we discuss below.  Still worried about interchange fees?

So yes, we think that every major bank is going to be integrating crypto at some point. Like I said, we think it’s a technology to update the financial system. And we’ve had conversations with a number of them.

COIN has been helped by a groundswell of positive comment about crypto in 2023...

Take the financials and add some unicorn dust in terms of innovation to the mix and perhaps a double-digit PE ratio for PYPL makes sense.