Hans Morris

Financial markets analyst with expertise in digital assets and payment infrastructure.

Claims

As speaker

Mentioned in

Key positions and views

The total addressable market for B2B payments is enormous, estimated at $1.2 quadrillion, dwarfing most other financial sectors and representing the primary opportunity for disruption.

Stablecoins are the key to unlocking real-world crypto use cases, moving the industry beyond its current state where over 90% of transactions are for internal settlement.

The most significant opportunity for digital assets lies in building infrastructure for large-scale B2B, treasury, and capital markets transactions, not just speculative trading.

A global regulatory framework for digital assets is maturing, with approximately 50 jurisdictions having established rules, and US regulations are creating pathways for new products like yield-bearing stablecoins.

Stablecoins can serve legally-operating but traditionally underserved industries, such as cannabis, that are excluded by major payment networks like Visa and MasterCard.

Podcast consensus on Morris

Points of consensus

▶The scale of traditional B2B and capital markets transaction volumes is immense, measured in hundreds of trillions of dollars, representing the largest opportunity for financial innovation.Apr 2026

▶Stablecoins are a critical piece of infrastructure for bridging digital assets with real-world payment use cases like remittances and B2B payouts.Apr 2026

▶The crypto industry is undergoing a significant maturation, shifting focus away from purely speculative trading and towards the development of foundational infrastructure.Apr 2026

▶Regulatory frameworks for digital assets are becoming more common and sophisticated globally, with dozens of jurisdictions creating rules that pave the way for wider adoption.Apr 2026

Points of debate

▶His assertion that over 90% of crypto transaction volume is for internal settlement within the ecosystem challenges more optimistic narratives about crypto's current mainstream adoption for real-world payments.Apr 2026

▶His focus on the $1.2 quadrillion B2B market as the primary opportunity for stablecoins contrasts with the more common industry discourse centered on DeFi, NFTs, and retail use cases.

▶His specific interpretation of Coinbase's political power in defeating a market structure law presents a strong viewpoint on the crypto industry's growing influence in Washington.Apr 2026

▶His optimistic reading of proposed OCC regulations as enabling yield for stablecoin holders represents one possible, but not guaranteed, outcome of a complex and ongoing regulatory process.Apr 2026

Key themes

▶The Quadrillion-Dollar B2B OpportunityApr 2026

Morris repeatedly emphasizes the colossal scale of B2B payment volumes, citing figures like a $1.2 quadrillion total addressable market and $500 trillion annual volumes for both treasury and capital markets. This dwarfs consumer-facing markets and represents the primary target for financial innovation.

Investors should look beyond retail crypto applications and focus on the enterprise-level infrastructure plays targeting these massive, existing B2B payment flows.

▶Stablecoins as Foundational InfrastructureApr 2026

He argues that stablecoins are evolving from a crypto-native tool into essential infrastructure for the broader financial system. He points to their nascent but growing use in real-world applications like remittances (1% of volume) and their potential to solve payment challenges for high-risk industries.

The value of stablecoins will increasingly be measured by their utility and integration into traditional finance, rather than their role within the speculative crypto ecosystem.

▶Crypto's Pivot from Speculation to UtilityApr 2026

Morris observes a significant shift where the importance of crypto as a speculative asset class is declining, while its underlying infrastructure is gaining prominence. He notes that despite a $60 trillion total transaction volume, over 90% is still internal to the crypto ecosystem, highlighting the vast room for real-world growth.

Analysts should discount total crypto transaction volumes and instead focus on metrics that track adoption in real-world use cases like payroll and B2B payouts to gauge the industry's true maturation.

▶Navigating a Patchwork of Global RegulationApr 2026

He highlights the development of regulatory frameworks for digital assets in about 50 jurisdictions globally, suggesting a move towards legitimacy and standardization. He also points to the growing political influence of crypto firms like Coinbase and interprets specific US regulatory proposals as enabling new products.

Regulatory clarity, while fragmented globally, is a key catalyst for institutional adoption, and understanding the nuances of specific rules can reveal new market opportunities.

Source episodes

Timeline

Last Year

Observed a decline in the importance of crypto as a speculative asset class, with a corresponding rise in the significance of digital asset infrastructure.

Current State (Traditional Finance)

Establishes a baseline of massive annual transaction volumes: $1.2 quadrillion TAM for B2B, $500T for treasury, $500T for capital markets, and $150T for supply chain payments.

Current State (Crypto)

Characterizes the crypto market as having $60 trillion in transaction volume, but with over 90% remaining internal to the ecosystem. Real-world adoption is nascent, with stablecoins handling ~1% of remittances and crypto handling <0.2% of payroll.

Emerging Trends

Identifies growing stablecoin transaction volumes in countries like Argentina, Nigeria, Indonesia, and Brazil, alongside the development of regulatory frameworks in approximately 50 jurisdictions.

Future Outlook

Interprets proposed OCC regulations as potentially allowing stablecoin holders to earn yield and sees stablecoins as a viable payment solution for legal but high-risk industries like cannabis.

Suggested prompts

What specific technological and regulatory hurdles must be overcome for stablecoins to capture a significant share of the $1.2 quadrillion B2B payments market? &nearr;How does the concentration of over 90% of crypto volume within its own ecosystem affect its valuation and its potential for systemic risk? &nearr;Given Coinbase's demonstrated political influence, what are the likely trajectories for digital asset legislation in the United States? &nearr;Beyond the countries mentioned (Argentina, Nigeria, Indonesia, Brazil), what common economic or political factors drive higher stablecoin adoption in emerging markets? &nearr;

Key concepts

Stablecoins 6 ep B2B Payments 5 ep Regulatory Frameworks 3 ep Capital Markets 2 ep Crypto Market Volume 2 ep Digital Asset Infrastructure 1 ep Global Remittances 1 ep Payroll Payments 1 ep Supply Chain Payments 1 ep

Notable quotes

“The current number is 1.2 quadrillion.”

Hans Morris · Stablecoins as Infrastructure: Powering the Next Era of Digital Money

“The annual global volume for intercompany treasury movements and hedging is approximately $500 trillion.”

Hans Morris · Stablecoins as Infrastructure: Powering the Next Era of Digital Money

“And then capital markets transactions are also 500 trillion”

Hans Morris · Stablecoins as Infrastructure: Powering the Next Era of Digital Money

Report last updated: Apr 21, 2026

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