The collapse of three banks – Silvergate, Signature and Silicon Valley – could open up more opportunities for some cryptocurrency exchanges. JPMorgan investment bank analysts write about this in their new report.

“Crypto market participants and investors seem to have become more reliant on stablecoins,” analysts write.

JPMorgan experts report that stablecoin trading volumes have risen sharply since March 8, when cryptocurrency-friendly bank Silvergate announced it was curtailing operations. Analysts note that Tether (USDT) captured the largest share.

“The banking crisis could present an opportunity for some exchanges. These exchanges could increase market share by offering banking services to crypto firms and investors,” the report says.

The report also states that a tougher US regulatory stance could push crypto market participants to move their business to Europe and Asia.

Earlier, Tether CTO Paolo Ardoino revealed that the company has about $1.6 billion in excess reserves to support its USDT stablecoin. stablecoin supported real assets such as fiat currency and bonds, so it always remains at a stable 1:1 level against the US dollar, Tether representatives assure.

The recent collapse of the US Silicon Valley Bank led to market turmoil that briefly caused the USDC stablecoin to lose its dollar peg. After Circle reported that the company had $3.3 billion in SVB-related reserves, USDC, which fell to $0.89, soon recovered.