Perlin’s Ponderings

Research evidence excerpt

Perlin’s Ponderings

ving capital efficiency, and improving the movement of fund across Rating: OP = Outperform; SP = Sector Perform; UP

its global footprint outside of its own proprietary network. Mastercard = Underperform; R = Restricted

(MA: rated OP) and Yellow Card, a licensed stablecoin infrastructure

Source: RBC Capital Markets estimates provider operating in Africa, have partnered to accelerate stablecoin-

enabled payment innovation across Eastern Europe, the Middle East, and Links are available upon request. Africa. Source: corporate release

We think the changing regulatory environment is a driver of integration

between DLT/blockchain, cryptocurrencies and stablecoins into the

broader payments and financial services ecosystems.

Digital payments

Global Payments (GPN: rated SP) announced that it has signed an exclusive

agreement with CKE Restaurants, who operates Hardee’s and Carl’s Jr,

to be the provider of POS and in-store payment solutions and to deploy

its Genius offering at 2,400 corporate and franchise restaurants. Kraken’s

parent company, Payward, has acquired Reap, a stablecoin-native, card

issuing and payments infrastructure company, which will enable Payward

with B2B infrastructure to embed card issuance, cross-border payments,

and stablecoin treasury services alongside Payward's existing capabilities.

Fiserv (FISV: rated OP) has opened a Clover manufacturing facility in Brazil,

reinforcing the company’s long-term commitment to operating in the

country. Source: corporate release

These developments, in our opinion, support a view for the secular growth

of digital payments in developed markets.

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