A number of fintech payment companies and offshore banks are trying to fill the void left by the collapse of Silvergate Bank, Silicon Valley Bank and Signature Bank in the U.S., but it will likely take time before new banking networks are established, JPMorgan (JPM) said in a research report Wednesday.

“In the meantime, crypto market participants and investors appear to have become more reliant on stablecoins to move money around,” analysts led by Nikolaos Panigirtzoglou wrote. A stablecoin is a type of cryptocurrency whose value is pegged to another asset, usually the U.S. dollar.

The bank says stablecoin trading volumes spiked higher after March 8, when crypto-friendly bank Silvergate said it would voluntarily liquidate and wind down operations. It notes that tether (USDT) has captured a larger share.

JPMorgan says the collapse of the three banks has affected crypto firms in different ways. Crypto companies with diversified banking partners, like some exchanges, were less affected.

“The banking crisis could present an opportunity for some exchanges which could gain market share by offering banking services to crypto-native firms and investors,” the note said.

Still, in the longer term it is vital for the crypto ecosystem to replace the banking networks that have been lost so that fiat currency can be transferred efficiently and securely between market participants, “ensuring at the same time the stability of the stablecoin universe,” the note added.

The tougher U.S. regulatory stance might drive crypto market participants to banking networks in Europe and Asia, the report added.

Read more: Replacing Silvergate’s Network Is a Challenge for Crypto Industry: JPMorgan