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.
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.
▶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.