Stablecoin fever is sweeping the payment 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 is still no 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 is still no compelling reason for consumers to use them," wrote Jefferies analysts, opposing the idea that the crypto-backed payment revolution is at hand.