Integration with consumer platforms will lead to a “growth flywheel” for stablecoins – a type of cryptocurrency pegged to another asset, such as the U.S. dollar – allowing them to capture users and grow distribution beyond crypto native platforms, the report said.

“We expect major global financial and consumer platforms to issue co-branded stablecoins to power value-exchange on their platforms,” analysts led by Gautam Chhugani wrote.

Just this week, payments giant PayPal (PYPL) said it was entering the crypto market with its own dollar-pegged stablecoin, PayPal USD (PYUSD). This is a first for a major financial company. The Ethereum-based token will be available first on PayPal and then on Venmo, and can be exchanged for dollars at any time.