Latest news with #RashikaSingh
Yahoo
03-07-2025
- Business
- Yahoo
J.P.Morgan wary of stablecoin's trillion-dollar growth bets, cuts them by half
By Rashika Singh (Reuters) - on Thursday forecast stablecoin growth will only reach $500 billion by 2028, calling trillion-dollar projections "far too optimistic", as there was little evidence of mainstream adoption of the dollar-pegged cryptocurrency token. Stablecoins have moved beyond their crypto trading roots to attract interest from fintechs and banks aiming to speed up payments and settlements, drawing attention from U.S. lawmakers, who last month passed the GENIUS Act in the Senate - a step analysts said could bring long-awaited regulatory clarity. Before the Senate passed the stablecoin bill, Standard Chartered projected the market could reach $2 trillion by 2028, while Bernstein forecast in a June 30 note that supply would grow to about $4 trillion over the next decade. But said payments adoption of stablecoins remains minimal, accounting for just 6% of demand, or about $15 billion. It estimated the stablecoin market at $250 billion, with most usage concentrated in crypto trading, decentralized finance and collateral. "The idea that stablecoins will replace traditional money for everyday use is still far from reality," the brokerage said. Stablecoin adoption beyond crypto markets faces hurdles from limited use cases and fragmented regulation, while international uptake remains limited as most countries focus on their own digital currencies or strengthening existing payment systems. In June, the head of China's central bank pledged to expand the international use of the digital yuan or e-CNY. Ant Group, an affiliate of e-commerce giant Alibaba, said it plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm Ant International, which operates mobile payment app Alipay. "Neither the rapid expansion of e-CNY nor the success of Alipay and WeChat Pay represent templates for stablecoin expansion in the future," said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-07-2025
- Business
- Yahoo
J.P.Morgan wary of stablecoin's trillion-dollar growth bets, cuts them by half
By Rashika Singh (Reuters) - on Thursday forecast stablecoin growth will only reach $500 billion by 2028, calling trillion-dollar projections "far too optimistic", as there was little evidence of mainstream adoption of the dollar-pegged cryptocurrency token. Stablecoins have moved beyond their crypto trading roots to attract interest from fintechs and banks aiming to speed up payments and settlements, drawing attention from U.S. lawmakers, who last month passed the GENIUS Act in the Senate - a step analysts said could bring long-awaited regulatory clarity. Before the Senate passed the stablecoin bill, Standard Chartered projected the market could reach $2 trillion by 2028, while Bernstein forecast in a June 30 note that supply would grow to about $4 trillion over the next decade. But said payments adoption of stablecoins remains minimal, accounting for just 6% of demand, or about $15 billion. It estimated the stablecoin market at $250 billion, with most usage concentrated in crypto trading, decentralized finance and collateral. "The idea that stablecoins will replace traditional money for everyday use is still far from reality," the brokerage said. Stablecoin adoption beyond crypto markets faces hurdles from limited use cases and fragmented regulation, while international uptake remains limited as most countries focus on their own digital currencies or strengthening existing payment systems. In June, the head of China's central bank pledged to expand the international use of the digital yuan or e-CNY. Ant Group, an affiliate of e-commerce giant Alibaba, said it plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm Ant International, which operates mobile payment app Alipay. "Neither the rapid expansion of e-CNY nor the success of Alipay and WeChat Pay represent templates for stablecoin expansion in the future," said.
Yahoo
03-07-2025
- Business
- Yahoo
J.P.Morgan wary of stablecoin's trillion-dollar growth bets, cuts them by half
By Rashika Singh (Reuters) - on Thursday forecast stablecoin growth will only reach $500 billion by 2028, calling trillion-dollar projections "far too optimistic", as there was little evidence of mainstream adoption of the dollar-pegged cryptocurrency token. Stablecoins have moved beyond their crypto trading roots to attract interest from fintechs and banks aiming to speed up payments and settlements, drawing attention from U.S. lawmakers, who last month passed the GENIUS Act in the Senate - a step analysts said could bring long-awaited regulatory clarity. Before the Senate passed the stablecoin bill, Standard Chartered projected the market could reach $2 trillion by 2028, while Bernstein forecast in a June 30 note that supply would grow to about $4 trillion over the next decade. But said payments adoption of stablecoins remains minimal, accounting for just 6% of demand, or about $15 billion. It estimated the stablecoin market at $250 billion, with most usage concentrated in crypto trading, decentralized finance and collateral. "The idea that stablecoins will replace traditional money for everyday use is still far from reality," the brokerage said. Stablecoin adoption beyond crypto markets faces hurdles from limited use cases and fragmented regulation, while international uptake remains limited as most countries focus on their own digital currencies or strengthening existing payment systems. In June, the head of China's central bank pledged to expand the international use of the digital yuan or e-CNY. Ant Group, an affiliate of e-commerce giant Alibaba, said it plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm Ant International, which operates mobile payment app Alipay. "Neither the rapid expansion of e-CNY nor the success of Alipay and WeChat Pay represent templates for stablecoin expansion in the future," said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
30-06-2025
- Business
- The Star
Wall Street analysts bullish on Circle after blockbuster IPO, but warn on sky-high valuation
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE), on the day of Circle Internet Group's IPO, in New York City, U.S., June 5, 2025. REUTERS/Brendan McDermid/File Photo (Reuters) -Wall Street brokerages began coverage of stablecoin issuer Circle Internet Group on Monday with broadly bullish ratings, though some analysts voiced concerns about its elevated valuation after the stock more than doubled since its market debut. The New York-based company's shares were down nearly 3% in premarket trading. Circle debuted this month at $69 per share in the first major IPO by a stablecoin issuer. The blockbuster flotation represents the biggest crypto listing since Coinbase's 2021 debut. The company had priced its IPO at $31 per share. J.P. Morgan, Citigroup and Goldman Sachs were the lead underwriters for the offering. After the industry-mandated quiet period expired, Barclays, Bernstein, Canaccord Genuity and Needham launched coverage with the equivalent of 'buy' ratings and price targets above $200. "CRCL is building a market-leading digital dollar stablecoin network, with a strong regulatory edge, liquidity headstart and marquee distribution partnerships. This is hard to replicate, in our view," Bernstein analysts said in a note. Circle is a blockchain infrastructure company best known for issuing USD Coin (USDC), a fully reserved, U.S. dollar-backed stablecoin used across crypto trading, payments, and decentralized finance. In June, the U.S. Senate passed the GENIUS Act with bipartisan support, marking a watershed moment for the digital asset industry by establishing the first federal regulatory framework for stablecoins. "CRCL is one of the only ways for public investors to play the blockchain infrastructure theme, and we believe stablecoins are nearing a pivotal turning point," Barclays said. However, J.P. Morgan and Goldman Sachs pointed to the stock's elevated valuation, given its rapid rise since the IPO. J.P. Morgan started coverage with the most bearish view on Wall Street - an 'underweight' rating with a price target of $80, implying a downside of 56% from the stock's last close of $180.43. "We view CRCL's business and growth attractively, but valuation appears elevated," said Goldman, as the brokerage started coverage with 'neutral' and $83 price target. Shares of Circle have surged 161% since their market debut. (Reporting by Rashika Singh and Siddarth S in Bengaluru; Editing by Tasim Zahid)
Yahoo
07-05-2025
- Business
- Yahoo
EA shares jump as it scores big with upbeat forecast, 'Battlefield' release
(Reuters) - Shares of Electronic Arts rose nearly 5% in premarket trading, after the gaming giant's upbeat forecast eased concerns about slowing momentum and revived confidence in its blockbuster sports titles. EA's forecast underscores the gaming industry's confidence in sustained sales strength, even as U.S. tariffs stir up economic uncertainty and put consumer wallets to the test. The upbeat forecast follows concerns about FC 25's performance, as the formerly FIFA-branded soccer franchise showed signs of slowing momentum and hints of player fatigue in a highly competitive market. The company on Tuesday said monetization for "FC" was up double digits after a January update. EA also announced the launch of "Battlefield", stepping in just as Take Two Interactive pushes the release of the long-awaited "Grand Theft Auto VI" beyond fiscal 2026. "The rebound in FC, continued success of American Football and upcoming Battlefield launch all give us confidence in a more sustainable top and bottom line story," analysts at Jefferies wrote in a note. Analysts have said pushing back the release of "GTA VI" could ease competition in the gaming market, potentially boosting sales for other videogame publishers as players seek alternative big-name titles. "FC proved to be a temporary "ebb" and the delay of GTA VI opened a window for Battlefield to launch in FY26," analysts noted. Shares of Take Two Interactive were up 1.15% at $234.5 in premarket trade. EA sees fiscal 2026 bookings ranging from $7.60 billion to $8 billion, outpacing market estimates of $7.62 billion according to data compiled by LSEG. At least 10 brokerages raised their price targets on the stock following the results, bringing the median to $166, according to data compiled by LSEG. EA currently trades at 19.96 times the estimates of its earnings for the next 12 months, compared with Take Two's 31.47. So far this year, EA's stock has gained 5.6%, trailing Take Two's jump of ~26%. (Reporting by Joel Jose and Rashika Singh in Bengaluru; Editing by Krishna Chandra Eluri)
