Morgan Stanley Silvergate Report Sends Crypto-Friendly Bank Up 7%

Posted on by American Coins & Gold

Morgan Stanley Silvergate Report Sends Crypto-Friendly Bank Up 7%
Crypto-focused bank Silvergate’s (NYSE: SI) stock climbed 7.6% after Morgan Stanley outlined a bullish thesis for the bank based on the potential for further stablecoin adoption.“As the stablecoin market continues to develop, with more formalized rules around governance, risk management and structure, it could provide sizable upside potential to our Silvergate earnings per share (EPS) estimates, particularly if Silvergate is able to monetize their relationships with the stablecoin issuers,” Morgan Stanley analyst Ken Zerbe wrote in a note.The assessment cites a new report from the Bank for International Settlements that could serve as a roadmap for regulating fiat-pegged crypto assets.“While…