Latest news with #Poonawala
Yahoo
15-07-2025
- Business
- Yahoo
These 4 areas of the market are set to get a boost from the stablecoin boom, BofA says
Stablecoins are poised to take off as the GENIUS Act heads for a vote in the House this week. Stablecoins could drastically change the global payment landscape. Bank of America sees these four areas of the market taking off as a result. Stablecoins are in the spotlight, and the booming corner of the crypto market could lift other areas along with it, Bank of America said. With legislators in Washington, DC, kicking off Crypto Week on Monday, commentators expect stablecoins to be a major beneficiary from the new legislative push to support digital assets. The GENIUS Act would establish a regulatory framework for stablecoins, encouraging adoption and integration into traditional payment systems. While stablecoin technology is still nascent, Bank of America is eyeing several key areas as possible beneficiaries as the market begins to grow and evolve. For stablecoin-curious investors, investing in the picks and shovels of the technology might be a winning move, according to Ebrahim Poonawala, Bank of America's head of North American banks research. At the core of stablecoin technology lies the cryptocurrency ethereum. Ethereum is critical for stablecoin technology because it allows programmable tokens, a key feature for the smart contracts that power stablecoins. The crypto hosts over half of the existing stablecoins, making it a key part of the ecosystem for the fiat-backed tokens. In the last month, ethereum has rallied over 18%, partly due to optimism surrounding stablecoin adoption. Traditional banks, such as JPMorgan and BNY, are betting on stablecoin technology and could stand to benefit from friendly legislation. In June, JPMorgan launched its own tokenized deposit coin, JPMD, which operates on an ethereum-based blockchain developed by Coinbase. Meanwhile, BNY partnered with blockchain payments company Ripple on July 9 to serve as the primary reserve custodian for the company's US dollar stablecoin, ensuring its reserves are held securely by a major global bank. Payments companies like Visa, Mastercard, and PayPal could also be set to benefit from increased stablecoin adoption, Bank of America said. These companies have been developing stablecoin capabilities for years, making them well-positioned to integrate new technology into their existing infrastructure. Mastercard has been building out blockchain capabilities since 2015. In 2020, Visa settled its first transaction with Circle's USD Coin (USDC). PayPal launched its own stablecoin called PayPal USD back in 2023. More recently, Mastercard announced in April a partnership with Circle to enable stablecoin payments on its merchant network using USDC for crypto-to-fiat conversions. Shopping and payments services like Shopify are the last area the bank flagged. The e-commerce platform has announced plans to roll out USDC payments in partnership with Circle and expand its crypto checkout options. According to Poonawala, cross-border payments could be a prominent use case for stablecoins within the payments space. He believes Shopify's stablecoin features will allow merchants to connect more easily with global customers. It could take between three to five years to fully build out the infrastructure needed for widespread stablecoin adoption, according to Poonawala. But with a friendly legislative environment and increased attention from traditional banks and payment companies, stablecoins could become a disruptive force in coming years. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
15-07-2025
- Business
- Business Insider
These 4 areas of the market are set to get a boost from the stablecoin boom, BofA says
Stablecoins are in the spotlight, and the booming corner of the crypto market could lift other areas along with it, Bank of America said. With legislators in Washington, DC, kicking off Crypto Week on Monday, commentators expect stablecoins to be a major beneficiary from the new legislative push to support digital assets. The GENIUS Act would establish a regulatory framework for stablecoins, encouraging adoption and integration into traditional payment systems. While stablecoin technology is still nascent, Bank of America is eyeing several key areas as possible beneficiaries as the market begins to grow and evolve. For stablecoin-curious investors, investing in the picks and shovels of the technology might be a winning move, according to Ebrahim Poonawala, Bank of America's head of North American banks research. At the core of stablecoin technology lies the cryptocurrency ethereum. Ethereum is critical for stablecoin technology because it allows programmable tokens, a key feature for the smart contracts that power stablecoins. The crypto hosts over half of the existing stablecoins, making it a key part of the ecosystem for the fiat-backed tokens. In the last month, ethereum has rallied over 18%, partly due to optimism surrounding stablecoin adoption. Traditional banks, such as JPMorgan and BNY, are betting on stablecoin technology and could stand to benefit from friendly legislation. In June, JPMorgan launched its own tokenized deposit coin, JPMD, which operates on an ethereum-based blockchain developed by Coinbase. Meanwhile, BNY partnered with blockchain payments company Ripple on July 9 to serve as the primary reserve custodian for the company's US dollar stablecoin, ensuring its reserves are held securely by a major global bank. Payments companies like Visa, Mastercard, and PayPal could also be set to benefit from increased stablecoin adoption, Bank of America said. These companies have been developing stablecoin capabilities for years, making them well-positioned to integrate new technology into their existing infrastructure. Mastercard has been building out blockchain capabilities since 2015. In 2020, Visa settled its first transaction with Circle's USD Coin (USDC). PayPal launched its own stablecoin called PayPal USD back in 2023. More recently, Mastercard announced in April a partnership with Circle to enable stablecoin payments on its merchant network using USDC for crypto-to-fiat conversions. Shopping and payments services like Shopify are the last area the bank flagged. The e-commerce platform has announced plans to roll out USDC payments in partnership with Circle and expand its crypto checkout options. According to Poonawala, cross-border payments could be a prominent use case for stablecoins within the payments space. He believes Shopify's stablecoin features will allow merchants to connect more easily with global customers. It could take between three to five years to fully build out the infrastructure needed for widespread stablecoin adoption, according to Poonawala. But with a friendly legislative environment and increased attention from traditional banks and payment companies, stablecoins could become a disruptive force in coming years.
Yahoo
25-06-2025
- Business
- Yahoo
Bank of America Securities Raised the PT on JPMorgan Chase & Co (JPM), Keeps a Buy Rating
JPMorgan Chase & Co. (NYSE:JPM) is one of the 10 Best and Cheap Stocks to Buy Now. On June 18, Ebrahim Poonawala from Bank of America Securities reiterated a Buy rating on JPMorgan Chase & Co. (NYSE:JPM) while increasing the price target from $300 to $325. The analyst based his rating on the strategic market position and growth potential of the company. Ebrahim Poonawala noted the company is focused on enhancing customer relationships and expanding product offerings in deposits, credit cards, and wealth management. Moreover, the company is also embedding its banking services as part of consumers' everyday activities, Poonawala believes this is expected to increase customer engagement and activity. The analyst also likes the cheap valuation of JPMorgan Chase & Co. (NYSE:JPM), citing that the discounted price does not reflect its dominant market position. A group of business people discussing plans around a boardroom table adorned with a financial services company logo. JPMorgan Chase & Co. (NYSE:JPM) released its Q1 2025 earnings results in April. The company grew its revenue by 8.05% year-over-year to reach $45.3 billion. In addition, the ROE and ROCTE remained strong at 18% and 21% respectively. JPMorgan Chase & Co. (NYSE:JPM) is an international financial services company. It provides a range of banking and investment services to customers of all sizes. While we acknowledge the potential of JPM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Sign in to access your portfolio
CNBC
12-06-2025
- Business
- CNBC
Bank of America analyst really loves this Wall Street stock, sees it rallying to $700
Goldman Sachs has "proven DNA to adapt to an ever-changing world," according to Bank of America. The firm reiterated a buy rating on the investment bank on Wednesday, alongside a $700 per share price target, which represents 12% upside from Wednesday's $624.17 close. Analyst Ebrahim Poonawala said Goldman has a storied history of navigating turbulent periods. He cited the Paul Volcker-led Federal Reserve era and the 2008 financial crisis as examples, saying these times demonstrated "a strong combination of scale and flexibility." Poonawala said he expects continued strength in Goldman's trading revenue, which was a highlight of the company's most recent quarterly report . "A sea change in the macro backdrop (interest rates, geopolitics) vs. post-GFC [Great Financial Crisis] years combined with a strategy that is focused on deepening client relationships (via financing) has increased the resiliency of trading revenues," Poonawala said. "Despite the inherent unpredictability, trading revenues have grown in six out of the last seven years after bottoming in 2017 (coinciding with a shift in Fed policy)." GS YTD mountain Goldman Sachs stock in 2025. The private credit space is another potential opportunity for further growth, the analyst said. He expects Goldman is relatively well positioned to handle any potential volatility in the sector. "Goldman's presence in the private credit space dating back to the mid-90s, history of strong risk management (superior client selection) should reduce the risk from any potential credit volatility in this space," the analyst said. Shares have added 9% in 2025, and have gained about 4% in June.
Hindustan Times
04-06-2025
- General
- Hindustan Times
BJP's ‘believe in Tharoor' advise to Rahul Gandhi after ‘PM Modi surrendered' remark: 'Pakistani propaganda'
The Bharatiya Janata Party on Tuesday launched a multifold attack on leader of the opposition in Lok Sabha Rahul Gandhi, calling him a 'leader of Pakistani propaganda" over his "PM Modi surrendered' remarks amid the India-Pakistan ceasefire understanding. BJP spokesperson Shehzad Poonawala asked the Congress leader to listen to Shashi Tharoor and other party leaders, who have said there was no third-party mediation to pause Operation Sindoor. "Rahul Gandhi has once again understood that the meaning of LoP is the leader of Pakistani propaganda. The kind of propaganda that even Pakistan was not able to do, he is doing," PTI quoted Poonawala as saying. Poonawala said Rahul Gandhi likes things which are foreign, be it propaganda or a leader. According to Shehzad Poonawalla, Pakistan, which has 'admitted' that it was "beaten up" by India during Operation Sindoor, was "pleading" with India to stop military action. "Rahul Gandhi, believe in what the DGMO said, what the ministry of external affairs said. If not them, at least believe in Shashi (Tharoor), Manish (Tewari) and Salman (Khurshid). They have said that no mediation happened, India did not call up (Pakistan), their DGMO reached out to India," Poonawalla said. BJP national spokesperson Pradeep Bhandari also launched a fierce attack on the Rae Bareli MP, accusing him of making "indecent" remarks against Prime Minister Narendra Modi and questioning his values and patriotism. "Rahul Gandhi's words reflect his values. He makes such indecent remarks against the country's Prime Minister. But this is what can be expected from Rahul Gandhi, whose heart beats for Pakistan. Because when he offers floral tributes to the statue of his grandmother (Indira Gandhi), he does not even remove his shoes," Bhandari said. BJP MP Sambit Patra said Rahul Gandhi's speech in Madhya Pradesh on Tuesday does not befit any "civilised politician or any leader of the opposition." Sharing a self-made video on X, Sambit Patra said, 'Today, during his speech in Madhya Pradesh, Rahul Gandhi has not only insulted Operation Sindoor but also the Indian Army and the country. The way Rahul Gandhi spoke about Operation Sindoor does not befit any civilised politician, any leader of the opposition or any politician. This kind of politician, who uses words like 'surrender' for his motherland, is not fit for the country.' Rahul Gandhi attacked the BJP-led government on Tuesday over allegations of mediation by the United States in Operation Sindoor. He alleged that Prime Minister Narendra Modi "followed" Donald Trump after the US leader called him and that the then Prime Minister Indira Gandhi did not budge to the US in the 1971 war. "Now, I understand RSS-BJP well. They run away out of fear if slight pressure is put on them. When Trump called Modiji- Modiji kya kar rahe ho, Narender-Surrender and with 'ji hazooor', Narenderji followed Trump. In the 1971 war, the Seventh Fleet came from the US. India Gandhi said I will do whatever I have to do. This is the difference. This is their character; all of them are like this. Since the Independence movement, they have had the habit of writing letters of surrender," he said while addressing a convention of Congress workers in Madhya Pradesh's Bhopal. Rahul Gandhi doubled down on his attack through a social media post, stating, "Trump's phone came, and PM Narendra Modi ji immediately surrendered. History is witness. This is the character of the BJP-RSS; they always budge. India had bifurcated Pakistan in 1971 despite the threat by the United States. The 'babbar sher' and 'shernis' of Congress fight the Superpowers, they do not bow'.
