The stablecoin fever is sweeping the payments world, as Amazon and Walmart Stores (NYSE:WMT) explore issuing their own tokens, while Shopify rolls out USDC/USD payments in over 30 countries. Optimists see this as an impending existential threat to Visa (NYSE:V) and Mastercard (NYSE:MA), but Jefferies is not convinced. The firm says there still isn’t a killer use case for consumers — and that the hype far exceeds reality.

"We do not see stablecoins as a threat to Visa and Mastercard - there still is no compelling reason for consumers to use them," wrote Jefferies analysts, opposing the idea that the cryptocurrency-backed payments revolution is imminent.