Stablecoin payments are moving beyond the question of whether digital tokens will appreciate. The more investable debate is whether stablecoins become a lower-cost, faster settlement layer for commerce, treasury management, cross-border transfers and financial applications. That reframes the opportunity around the companies providing wallets, custody, compliance, liquidity, merchant acceptance and software. A June 30 Reuters report that a consortium including Visa, Mastercard and Coinbase launched a joint stablecoin reinforced the strategic stakes: established financial networks are trying to shape the rail rather than simply watch it develop.
The strongest business models in this theme can monetize activity around stablecoins without depending solely on token prices. Issuers and reserve managers may capture economics from circulation and liquidity; payment networks and processors can support acceptance; exchanges and custodians can provide on- and off-ramps; and banks or fintech platforms can build tokenized-deposit and compliance services. The structural drivers include clearer regulation, greater institutional comfort, demand for 24/7 programmable money and the pressure on incumbents to own the infrastructure connecting traditional finance with blockchain networks.
This countdown runs from #7 to #1 and includes both direct stablecoin operators and adjacent digital-asset infrastructure companies. The list spans custody, institutional brokerage, blockchain-based lending, exchange activity, protocol-token exposure, computing infrastructure and stablecoin issuance. Exposure depth is the primary organizing principle, while profitability, growth, valuation and earnings execution help distinguish the companies within that framework. Investors should read the rankings as a way to compare business exposure and operating evidence, not as a claim that every company has the same level of payment activity.
Our screen covers US-listed companies with market capitalizations above $500 million and evaluates how directly each business participates in stablecoin payments or the infrastructure surrounding them. We then considered the supplied composite quality grade, margins, growth, valuation and earnings record. Companies are presented in countdown order, with #7 first and the best-ranked pick reserved for #1. The monthly refresh matters because market capitalizations, profitability, analyst expectations and the maturity of these businesses can change quickly as the stablecoin market develops.
What they do. The company provides digital-asset infrastructure through self-custody wallets, qualified custody, liquidity and prime services, and infrastructure-as-a-service. BitGo serves institutional investors, trading firms, investment advisers, exchanges, developers, corporations and government agencies across North America, Europe and Asia, giving it a broad institutional distribution base rather than a single retail crypto product.
Why it fits. Stablecoin payments require trusted custody, liquidity and transaction infrastructure, particularly when institutions move assets between wallets, exchanges and traditional financial accounts. BitGo’s qualified custody, prime and liquidity offerings place it near those settlement and compliance flows, although the business description covers the wider digital-asset ecosystem and does not isolate stablecoin revenue.
Numbers that matter. Revenue growth was 79.6% year over year, and reported revenue was $20,069,963,776, but the company remained unprofitable. Gross margin was 1.0%, operating margin was -0.24%, net margin was -0.53%, ROE was -27.94% and ROA was -0.15%. EBITDA was negative $4,722,000, while forward P/E was 41.3223 and trailing EPS was -$0.91, leaving investors dependent on a projected next-year EPS of $0.2554 for a profitability improvement.
Recent momentum. BitGo has beaten estimates in one of its last three reported quarters. In the latest reported quarter, EPS was -$0.16 versus an estimate of -$0.03, a -433.3% surprise, after EPS of -$0.13 versus -$0.10 in the prior quarter. The available analyst target is $10.3542, but no consensus recommendation or buy, hold and sell breakdown is supplied.
What they do. Bakkt sells institutional digital-asset infrastructure through Bakkt Market, a plug-and-play platform for brokerage, trading and payment capabilities, along with Bakkt Agent for onboarding, account creation, funding and global money movement. Bakkt Global extends the technology internationally, and the company targets financial institutions, hedge funds, merchants, retailers, partners and other businesses.
Why it fits. Bakkt’s payment capabilities and programmable infrastructure are directly relevant to stablecoin on- and off-ramps, merchant flows and international settlement. Its Agent software is particularly aligned with the operational layer around funding and money movement, but the company’s offering remains broader than stablecoins and includes general digital-asset brokerage and trading.
Numbers that matter. The operating picture is weak: revenue fell 70.1% year over year to $1,115,126,016, while EBITDA was negative $117,949,000. Gross margin was -9.9%, operating margin was -10.8%, net margin was -2.78%, ROE was -10.17% and ROA was -25.01%. Trailing EPS was -$4.04, and no forward P/E or forward EPS estimate is supplied, making the B- composite grade difficult to reconcile with the company’s current losses.
Recent momentum. Bakkt’s recent earnings record is uneven, with a 2/7 beat rate. The latest reported quarter produced EPS of -$0.34 against an estimate of $0.07, a -585.7% surprise, following EPS of -$0.58 against -$0.10. There is no reported analyst consensus or ratings breakdown; the supplied target is $12, so the stock lacks a broad, clearly quantified estimate base.
5. FIGR — Figure Technology Solutions, Inc. Class A Common Stock
What they do. Figure provides blockchain-based products for lending, trading and investing across consumer credit and digital assets. Its technology-enabled loan-origination system, Figure Connect marketplace and planned exchange for digital assets and credit give it multiple ways to connect borrowers, capital-markets partners and digital-asset users, including interest-bearing stablecoin deposits.
Why it fits. Figure is one of the more distinctive payment-adjacent names because stablecoin deposits sit inside its digital-asset and credit exchange strategy. Its marketplace and loan-origination infrastructure could support the movement of capital between borrowers and investors, while the stablecoin deposit offering gives the company a direct connection to programmable financial balances rather than only crypto trading.
Numbers that matter. Figure reported revenue of $619,116,032, up 120.8% year over year, with earnings growth of 337.5%. Profitability is a major strength in this group: gross margin was 100.0%, operating margin was 35.53%, net margin was 38.3%, ROE was 26.12% and ROA was 5.06%; EBITDA was $107,841,000. The stock carried a trailing P/E of 30.8421, with EPS of $0.95 and next-year EPS estimated at $1.87.
Recent momentum. Figure has beaten estimates in three of its last five reported quarters. The latest reported quarter delivered EPS of $0.37 versus an estimate of $0.24, a 54.2% beat, though the prior two quarters missed estimates by 6.9% and 53.8%. No consensus rating or analyst-count breakdown is supplied, while the available target is $54.50.
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What they do. Coinbase operates a consumer financial account for the crypto economy, an institutional brokerage platform with pooled liquidity and a suite of products for developers building onchain. Its scale, liquidity and institutional access make it a major exchange and account infrastructure provider, although the business remains exposed to activity across crypto assets rather than to stablecoin payments alone.
Why it fits. Exchanges and custodians are essential gateways for stablecoin adoption: users need places to acquire, hold, convert and deploy digital dollars. Coinbase’s consumer accounts, institutional brokerage and developer products position it across those on- and off-ramps, while the reported joint stablecoin launch involving Coinbase, Visa and Mastercard highlights its role in the emerging payments architecture.
Numbers that matter. Revenue was $6,043,752,960, down 17.3% year over year, even as earnings growth was reported at 430.6%. Profitability was mixed: gross margin was 85.8%, ROA was 1.12%, but operating margin was -13.92%, net margin was -16.34% and ROE was -7.85%. EBITDA was $699,548,992, trailing EPS was -$3.84, and forward P/E was 54.3478 against next-year EPS estimated at $2.8352.
Recent momentum. Coinbase has beaten estimates in three of its last seven reported quarters, with the latest quarter missing sharply: EPS was -$0.39 versus an estimate of $0.14, a -378.6% surprise. The supplied analyst consensus is 3.6897, based on three buys, 14 holds and one sell, with an average target of $207.3469. That distribution signals broader coverage than most names here, but also a largely cautious stance.
What they do. Stablecoin Development Corporation accumulates, holds and deploys SKY, the protocol token of the decentralized Sky Protocol. Its stated activities include staking, governance participation, validation and related protocol-level services, making this a small digital-asset treasury and protocol-participation vehicle rather than a conventional payments processor.
Why it fits. The fit is indirect but tied to the stablecoin ecosystem at the protocol level. The company’s exposure comes through the Sky Protocol and its deployment of SKY, so investors are buying participation in a blockchain network associated with stablecoin-related infrastructure rather than direct issuance, merchant acceptance, custody or payment processing.
Numbers that matter. The financial profile is difficult to compare with operating fintech companies. The core valuation record shows revenue of negative $23,290,000 and EBITDA of negative $7,578,333, while EPS TTM was -$20.97 and earnings growth was -53.9%. ROE was 73.53%, but ROA was -32.13%; operating margin was 111.19%, net margin was unavailable and forward P/E was 42.0168. Those figures point to substantial accounting and asset-value volatility.
Recent momentum. The supplied earnings history records a 0/3 beat rate, and the latest July report showed EPS of $0.01 without an estimate. The May report showed EPS of $3.3336, also without an estimate, so there is no consistent analyst comparison for those periods. No analyst consensus, target or buy, hold and sell breakdown is supplied, leaving protocol exposure and reported accounting results as the main signals.
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The screen starts with US-listed companies above the $500 million market-cap threshold and focuses on businesses with identifiable exposure to stablecoin issuance, settlement, custody, liquidity, payment acceptance, exchanges, tokenized finance or adjacent digital infrastructure. Stocks are ranked first by the depth and directness of that exposure, then by business fundamentals. The comparison uses the supplied primary-source descriptions and financial data, including revenue growth, EPS, margins, returns, valuation, earnings surprises and analyst information. Composite quality grades incorporate multiple financial dimensions. The list is refreshed monthly, so rankings can change as operating results, market values and stablecoin strategies evolve.
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