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Stablecoin Stocks

The listed companies that make money from stablecoins, from pure plays like Circle to payment giants with their own coins. What each one actually earns, and what to watch.

Updated October 28, 2026 · Not investment advice

CompanyTickerExchangeStablecoin exposureExposure
Circle Internet GroupCRCLNYSEIssuer of USDC. Most revenue is interest earned on USDC reserves.Pure play
CoinbaseCOINNasdaqShares USDC reserve income with Circle, runs the Base network, founding partner of Open USD.High
BitGoBTGONYSEIts trust bank issues and custodies World Liberty Financial's USD1. Listed January 2026 at $18.Medium
PayPalPYPLNasdaqBrand behind PYUSD (about $3B), issued by Paxos.Low
SoFi TechnologiesSOFINasdaqSoFi Bank issues SoFiUSD, available to members since May 2026.Low
Gemini Space StationGEMINasdaqExchange that issues the Gemini Dollar (GUSD).Low
RobinhoodHOODNasdaqPartnership with Ripple to use RLUSD across its retail and institutional businesses (October 2026).Low
VisaVNYSEStablecoin settlement, Tempo validator, Open USD founding partner.Low
MastercardMANYSEOwns stablecoin infrastructure firm BVNK, Open USD founding partner.Low
JPMorgan ChaseJPMNYSEIssues the JPM Coin (JPMD) deposit token for institutions, a bank alternative to stablecoins. Learn moreLow

"Exposure" is our editorial estimate of how much of each company's business depends on stablecoins.

Circle (CRCL): the pure play

Circle issues USDC, the second-largest stablecoin, and listed on the NYSE in June 2025 at $31 a share. Its business is simple to describe: it holds USDC reserves in cash and short-term Treasuries and keeps the interest, minus what it pays distribution partners, most of all Coinbase.

That makes the stock a bet on two things: USDC growth and interest rates. In the second quarter of 2026, USDC circulation rose 19% from a year earlier to $73.3 billion, while total revenue and reserve income grew only 7% to $701 million as lower rates reduced reserve yield. Net income from continuing operations was $48 million.

Circle is trying to diversify with Arc, its own blockchain, and the Circle Payments Network. It raised its full-year guidance for other revenue to $310 million to $330 million, much of it tied to the Arc token presale. Third-quarter results are due on November 4, 2026.

What moves stablecoin stocks

  • Interest rates: issuers earn the yield on reserves, so rate cuts shrink revenue even when supply grows.
  • Distribution costs: Circle shares a large part of reserve income with Coinbase and other partners. New models like Open USD, which gives reserve income to partners, add pressure.
  • Regulation: the GENIUS Act takes effect on January 18, 2027, and the stalled CLARITY Act would limit how platforms pay rewards on stablecoins.
  • Competition: banks, PayPal, Fidelity and consortium coins are all chasing the same dollar balances. See which companies have a stablecoin.

Is there a stablecoin ETF?

Not one that holds stablecoins. The Amplify Stablecoin Technology ETF (STBQ), launched in December 2025, holds a basket of payment companies, crypto ETFs and stablecoin-linked stocks. The ProShares GENIUS Money Market ETF (IQMM), launched in February 2026, holds the short-term Treasuries issuers use as reserves. Neither gives you a stablecoin, and holding USDC itself earns nothing unless you put it to work; see stablecoin yield.

Private companies and upcoming IPOs

The largest issuer, Tether, is private, as is Paxos, the issuer behind PYUSD and USDG. RedotPay, the biggest stablecoin card program, is preparing a confidential U.S. IPO filing according to Bloomberg (our coverage). Kraken filed confidentially for an IPO in late 2025, with timing still open.

FAQ

Stablecoin stocks, answered

What are stablecoin stocks?

Stablecoin stocks are publicly traded companies whose business depends on stablecoins: issuers such as Circle (CRCL), platforms that share in reserve income such as Coinbase (COIN), infrastructure providers such as BitGo (BTGO), and payment companies with their own coins, such as PayPal (PYPL) and SoFi (SOFI).

Is Circle a good stock to buy?

We do not give investment advice. Circle is the purest listed stablecoin play, but its revenue depends heavily on interest rates and on USDC growth, and it pays a large share of reserve income to distribution partners like Coinbase. Falling rates compress its margins even when USDC supply grows.

What is Circle's stock price?

Circle (NYSE: CRCL) closed at $81.58 on October 27, 2026, for a market value of about $20.8 billion. Its 52-week range was $49.90 to $147.44. It went public in June 2025 at $31 per share. Check a live quote before trading.

When does Circle report earnings?

Circle will report third-quarter 2026 results on Wednesday, November 4, 2026, with a webcast at 8 a.m. ET.

Is there a stablecoin ETF?

No ETF holds stablecoins such as USDC or USDT directly. Equity funds like the Amplify Stablecoin Technology ETF (STBQ, launched December 2025) hold companies and crypto products linked to stablecoins. The ProShares GENIUS Money Market ETF (IQMM) holds the Treasuries stablecoin issuers use as reserves; it is not a stablecoin investment.

Can you buy Tether stock?

No. Tether, the issuer of USDT, is a private company. Paxos, which issues PYUSD, is also private. RedotPay, the largest stablecoin card program, is reportedly preparing a confidential U.S. IPO filing.

Sources: Circle investor relations (Q3 date announcement, October 7, 2026); Circle Q2 2026 results (August 5, 2026) via Reuters; stockanalysis.com (CRCL close, October 27, 2026); BitGo IPO prospectus (January 21, 2026); Amplify ETFs (STBQ); CoinDesk on IQMM (February 2026). This page is for information only and is not investment advice.

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