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摩根士丹利:关于稳定币需了解的七件事
摩根· 2025-06-17 06:17
Investment Rating - The industry investment rating is Attractive [7]. Core Insights - Stablecoins are a cryptocurrency category designed to maintain a value pegged to another asset, primarily the USD, and can also be linked to commodities [3][4]. - The GENIUS Act is progressing through the US Congress, which aims to establish clear requirements for stablecoin issuers, potentially reducing ambiguity in the market [13]. - Rising interest rates may increase the transaction costs associated with stablecoins, as they do not pay interest, leading to a higher opportunity cost for users [14]. - Major payment networks like Visa and Mastercard are actively developing stablecoin capabilities, viewing them as incremental opportunities rather than threats [15][16]. Summary by Sections Stablecoin Definition and Functionality - Stablecoins are generally pegged to the USD and can also be linked to other assets, with most maintaining an asset base equivalent to the value of outstanding stablecoins [3]. - They function similarly to deposit accounts without interest, allowing for immediate clearing of transactions [4]. Unique Transaction Capabilities - Stablecoins can facilitate transactions that are difficult to manage with traditional financial instruments, particularly for unpredictable timing or value [9]. Regulatory Developments - The GENIUS Act outlines requirements for stablecoin issuers, including asset holding and reporting obligations, which could clarify the landscape for stablecoin issuance [13]. Market Dynamics - The cost of using stablecoins is expected to rise during periods of increasing interest rates, potentially affecting demand [14]. - Visa and Mastercard have been preparing for stablecoin integration, indicating a strategic move to enhance their service offerings [15][16]. Company Ratings - The report includes various companies in the payments and processing sector, with ratings such as Overweight for Block, Inc and Mastercard, and Equal-weight for others like PayPal and Fiserv [72][74].
BILL, Remitly, Marqeta Win Analyst Support As Fintech Growth Picks Up
Benzinga· 2025-05-19 18:39
Group 1: BILL Holdings, Inc - JP Morgan analyst Tien-tsin Huang hosted 17 payments and processing firms at the Global TMC Conference in Boston, maintaining an Overweight rating on BILL Holdings with a price target of $55 [1] - BILL is recognized as a category killer in SMB AP Automation, effectively displacing manual and legacy solutions, including paper check processing [1] - Huang sees potential for BILL to reclaim its status as a top growth name through cross-selling recent acquisitions, leveraging partnerships with banks and accountants, and helping SMBs reduce costs via automation [2] - Projected fourth-quarter revenue for BILL is $376 million with an adjusted EPS of $0.41 [2] - As of the last check, BILL's stock is down 0.41% at $46.07 [5] Group 2: Fiserv, Inc - Huang maintains an Overweight rating on Fiserv with a price target of $210, slightly down from $211 [2] - Fiserv is viewed as a dependable growth story, with mid-teens EPS growth driven by double-digit top-line growth, operating leverage, and capital deployment [3] - The company has a solid portfolio, including its Clover product, which is gaining market share and growing faster than peers [3] - Projected second-quarter revenue for Fiserv is $5.19 billion with an adjusted EPS of $2.39 [3] Group 3: Marqeta, Inc - Huang upgraded Marqeta's rating to Overweight from Neutral, with a price target of $6, up from $5 [4] - Marqeta's platform supports card programs in high-growth areas of fintech, including BNPL and digital banking, with notable clients like Block and Affirm [4] - Projected second-quarter revenue for Marqeta is $140 million with an adjusted EPS of $(0.05) [4] Group 4: Remitly Global, Inc - Huang has an Overweight rating on Remitly with a price target of $25, viewing it as a mission-driven disruptor in the remittance market [5] - Remitly is experiencing durable growth with a 34% year-to-date revenue increase and 4% market penetration [5] - Projected revenue CAGR for Remitly through 2027 is 21%, one of the highest in Huang's coverage [5] - Projected second-quarter revenue for Remitly is $385 million with an adjusted EPS of $0.19 [5]