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REAL-TIME GLOBAL RESEARCH

3 Stablecoin Questions

Published: 2026-07-09Institution: Morgan StanleyCompany / ticker: CRCL.NPages: 9Original language: EnglishEvidence page: 4

Research evidence excerpt

3 Stablecoin Questions

n agreement to provide

services or has a client relationship with the following company: Affirm Holdings Inc, Automatic Data Processing Inc, Block, Inc, Broadridge Financial Solutions Inc., Chime Financial Inc, Corpay

Inc, Fidelity National Information Services, Fiserv Inc., Global Payments Inc, Global-e Online Ltd., Klarna Group Plc, MasterCard Inc, Paychex Inc, PayPal Holdings, Inc., Q2 Holdings Inc, Shift4

Payments Inc., SS&C Technologies Holdings, Inc., Upstart Holdings, Inc., Verra Mobility Corp, Visa Inc., Western Union Co, WEX Inc.

Morgan Stanley & Co. LLC makes a market in the securities of Broadridge Financial Solutions Inc., Corpay Inc, Evertec Inc, Flywire Corp, Global-e Online Ltd., Jack Henry & Associates, Inc., Marqeta,

Inc., NerdWallet Inc., Q2 Holdings Inc, SS&C Technologies Holdings, Inc., Verra Mobility Corp, WEX Inc.

The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality

of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Equity Research analysts' or strategists' compensation is not

linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks.

Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity, fund management,

commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in

The English excerpt is extracted automatically from the cited source page and may contain layout or recognition errors. It is never batch translated.

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