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.

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.

(By Will Canny)