Cantor Daily Research Highlights

Research evidence excerpt

Cantor Daily Research Highlights

he early innings and represents one of the company's most attractive

long-term growth unlocks.

Stablecoins are, thus far, neither friend nor foe for RELY. Management indicated that—despite developing the capabilities to

support stablecoin-based remittances—consumer demand has yet to materialize. At the same time, the company indicated

it now frequently deploys stablecoins as part of a diversified treasury operation (i.e., alongside correspondent banking and

local schemes such as UPI in India). While certainly useful as a treasury instrument in specific circumstances, management

noted that stablecoins currently face constraints. For example, they are often not the lowest-cost method to move funds

at scale. This is to say, given RELY’s size and deep relationships with key international partner banks, the company can

often negotiate transfer rates below the cost of stablecoin fees. Likewise, liquidity remains a constraint for stablecoins.

Management described a common scenario where stablecoins are deployed as a treasury instrument in a specific market,

only for stablecoin liquidity to become quickly depleted, forcing RELY to then pivot back to legacy money movement

networks. While we acknowledge that the global stablecoin industry is still evolving, we believe RELY is ready, willing, and

able to respond to market developments by evolving alongside it.

June 25

Evommune, Inc. (EVMN, $24.13, Overweight, Price Target: NA)

Prakhar Agrawal (212-610-3614, Prakhar.Agrawal@cantor.com)

CSU Readout Any Day: Big Clearing Event For EVMN, Either Way

Ph2B CSU readout for EVO756 (oral MRGPRX2 antagonist) should come out any day (likely next week).

■ In this note, we review the latest setup, expectations, and potential stock scenarios.