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China has developed a prototype aimed at eliminating the need for paper currency, and the United States is expected to follow suit. In collaboration with MIT, the Federal Reserve Bank of Boston is developing a Central Bank Digital Currency prototype. These initiatives bode well for fintech companies.
With continuing innovations and increasing utility, the global fintech market is expected to reach $190 billion by 2026, growing at a 13.7% CAGR. Therefore, we think fintech stocks Upstart Holdings, Inc. (UPST), SoFi Technologies, Inc. (SOFI), and LendingClub Corporation (LC), which have surged more than 10% in price in the past week, could be worth adding to one’s watchlist now.
