Morgan Stanley Digital Director: Stablecoins could become the "killer application" of cryptocurrency

Andrew Peel, head of digital asset markets at investment bank Morgan Stanley, stated in a note to investors that stablecoins could become the "killer application" for cryptocurrencies. The trading volume of stablecoins has reached levels comparable to mature digital clearing houses like Visa and PayPal. Even Visa and PayPal themselves have ventured into the field of stablecoins, with Visa integrating USDC on Solana and PayPal launching its PYUSD stablecoin.