Stablecoin payments is becoming a real public-equity theme because the underlying use case is no longer confined to crypto trading. Dollar-linked tokens can move value 24/7, settle faster than many legacy rails, and reduce friction in cross-border transfers, merchant acceptance, remittance flows, and treasury operations. That matters in a market still searching for durable fintech growth stories with a clear commercial adoption path. As more enterprises test blockchain-based settlement, investors have a better chance to identify listed companies with direct exposure to the shift.
The value chain is broader than it first appears. Issuers can benefit from reserve economics and network effects, infrastructure providers can monetize wallets, APIs, compliance, and settlement tooling, while payment facilitators and exchanges can capture transaction volume by plugging stablecoin rails into existing customer flows. A notable recent development is Circle’s expansion of the Circle Payments Network and its integration by payment platforms such as OwlTing’s OwlPay, which reinforces that stablecoin settlement is becoming commercially embedded rather than merely experimental.
For this list, the focus is on companies with named stablecoin products, disclosed stablecoin-related infrastructure, or clear positioning around blockchain-based payments and settlement. The ranking emphasizes investment quality rather than pure upside, so balance-sheet strength, profitability, growth, and execution all matter. This is a countdown, starting at No. 7 and working down to the best pick at No. 1.
We screened for U.S.-listed companies tied to stablecoin payments or adjacent on-chain settlement infrastructure, with a general market-cap floor above $500 million and enough primary-source financial data to evaluate quality. We then ranked the group by investment quality, weighing composite quality grades, profitability, growth trends, earnings execution, and how directly each business maps to the stablecoin payments theme. Because this is a countdown, the lower-ranked names appear first and the strongest overall pick is revealed at No. 1.
What they do. The company provides digital-asset infrastructure, including self-custody wallets, qualified custody, liquidity and prime services, and infrastructure-as-a-service for institutions, developers, corporations, and government agencies. That makes BitGo more of a picks-and-shovels player than a consumer app, with revenue exposure tied to institutional participation across the digital-asset ecosystem.
Why it fits. Stablecoin payments need secure custody, wallet infrastructure, and settlement tooling, and BitGo sits in that infrastructure layer. Its wallet, custody, and infrastructure products are relevant to the institutions and platforms that may want to move stablecoins through compliant operational rails, even if the company is not itself a branded stablecoin issuer.
Numbers that matter. Revenue growth is strong on paper, with year-over-year revenue growth of 112.6%, and EPS is projected to improve to 0.3079 next year from trailing EPS of -0.43. But current profitability is thin to negative: gross margin is 1.1%, operating margin is -0.37%, and net margin is -0.27%, with ROE at -12.95% and ROA at -0.04%. Valuation is also hard to call cheap on forward earnings, with a forward P/E of 256.4103, which helps explain the modest composite quality profile.
Recent momentum. Earnings execution has been mixed. BitGo beat estimates in March with EPS of 0.0725 versus an estimate of -0.42, a 117.3% surprise, but then missed in May with EPS of -0.13 versus -0.10, a -30.0% surprise, leaving it with a 1-for-2 beat rate. Analyst coverage is still sparse in our data, so the average target of $14.33 comes without a published buy-hold-sell breakdown.
What they do. Bakkt builds digital financial infrastructure for institutions and enterprises. Its offerings include Bakkt Market for brokerage, trading, and payment capabilities, Bakkt Agent for programmable onboarding, funding, and global money movement, and Bakkt Global for international expansion through regulated market entities.
Why it fits. The company’s relevance to stablecoin payments comes from the infrastructure side rather than from issuing a token. Programmable access to financial infrastructure and global money movement tools are exactly the kinds of capabilities that can be layered onto stablecoin settlement, especially for institutions, merchants, and cross-border use cases.
Numbers that matter. The financial profile is the main reason Bakkt ranks near the bottom. Revenue declined 77.1% year over year, EBITDA was -$116.6 million, and profit margin was -8.37%. Profitability metrics are weak across the board, with gross margin at -6.9%, operating margin at -6.95%, net margin at -8.37%, ROE at -101.96%, and ROA at -37.38%. With no trailing or forward P/E available in core valuation data, investors are left relying more on turnaround potential than on current earnings power.
Recent momentum. Recent earnings have been rough. Bakkt missed badly in May with EPS of -0.5754 versus an estimate of -0.10, and it also missed in March with EPS of -6.3953 versus -0.47, producing a beat rate of just 2 out of 7 reported quarters in our data. The average analyst target stands at $19, but there is no published consensus breakdown attached to that figure.
5. FIGR — Figure Technology Solutions, Inc. Class A Common Stock
What they do. Figure is a fintech company offering blockchain-based products across lending, trading, and investing. Its platform includes a technology-enabled loan origination system, Figure Connect for capital-markets access, and an exchange for digital assets and credit that offers interest-bearing stablecoin deposits.
Why it fits. Figure earns a place because it has explicit stablecoin exposure through interest-bearing stablecoin deposits and because its broader blockchain-based marketplace infrastructure can support digital settlement flows. It is not the purest stablecoin payments name on the list, but it does connect tokenized finance, capital markets, and on-chain financial products in a way that could benefit from wider stablecoin adoption.
Numbers that matter. Figure’s operating profile is one of the stronger ones in this group. Revenue grew 119.2% year over year, earnings growth was 277.8%, trailing EPS is 0.82, and next-year EPS is estimated at 1.4233. Profitability is also solid, with a 24.86% operating margin, 35.2% net margin, 21.67% ROE, and 3.89% ROA. The tradeoff is valuation: trailing P/E is 37.4512 in core valuation data, while the live quote shows a P/E of 56.33, so the stock is not obviously cheap.
Recent momentum. Execution has cooled after a strong post-IPO stretch. Figure missed estimates in May with EPS of 0.2049 versus 0.22 and also missed in February with EPS of 0.06 versus 0.13, though it still has a 2-for-4 beat rate thanks to stronger earlier quarters. The average analyst target is $55.1429, but our data does not include a formal consensus breakdown.
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What they do. Coinbase operates one of the largest crypto platforms for consumers, institutions, and developers. Its business spans retail brokerage, institutional liquidity and trading access, and developer tools that help build on-chain applications, giving it broad exposure to activity across the crypto economy.
Why it fits. Stablecoin payments need on-ramps, off-ramps, liquidity, and user accounts, and Coinbase is deeply embedded in those layers. Even though it is not framed here as a pure payment processor, its consumer and institutional platform can capture transaction volume and wallet activity as stablecoins become more integrated into everyday transfers and settlement.
Numbers that matter. Coinbase combines scale with mixed near-term fundamentals. Revenue is $6.286 billion, EBITDA is $1.002 billion, gross margin is 85.5%, and net margin is 12.74%, with ROE at 6.69% and ROA at 1.93%. But revenue growth is down 30.8% year over year, and while earnings growth is up 430.6%, trailing EPS is 2.72 versus a forward P/E of 107.5269, which suggests investors are still paying up for a cyclical and volatile earnings stream.
Recent momentum. Recent earnings have been uneven. Coinbase missed in May with EPS of -1.49 versus an estimate of 0.04 and missed again in February with EPS of -2.49 versus 0.94, though it beat in three of the prior five reported quarters, for a 3-for-7 beat rate overall. Analyst positioning is still constructive but not aggressive, with 3 buys, 14 holds, and 1 sell in our data.
What they do. Stablecoin Development Corporation is a specialized digital-asset company focused on accumulating, holding, and deploying SKY, the protocol token of Sky Protocol. Its activities include staking, governance participation, validation, and related protocol-level services, making it more of a blockchain network participation vehicle than a conventional payments company.
Why it fits. This is the most thematic but also one of the most unconventional names on the list. The fit comes from its direct stablecoin-oriented branding and protocol-level exposure to blockchain infrastructure that can underpin stablecoin ecosystems, though investors should note that its disclosed business is centered on SKY accumulation and network participation rather than merchant or enterprise payment processing.
Numbers that matter. On reported profitability, the numbers are striking. Net margin is 20.7898, operating margin is 88.67%, ROE is 72.07%, and ROA is 11.47%, while revenue stands at $25.137 million. At the same time, trailing EPS is -22.03, earnings growth year over year is -53.9%, and EBITDA is -$7.58 million, so the financial picture is not straightforward. The forward P/E of 42.0168 also means investors are paying for a niche, high-volatility story despite the tiny market cap.
Recent momentum. Earnings data is limited and not especially clean, but the latest reported quarter in May showed EPS of 3.3336 after prior losses of -1.1002 and -1.6518 in late 2025. The historical beat rate in our data is 1 out of 4, and there is no analyst consensus or target available. That lack of coverage is a reminder that this is a highly speculative small-cap exposure despite the strong composite quality grade.
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This monthly screen focuses on U.S.-listed stocks with meaningful exposure to stablecoin payments, blockchain settlement, or the surrounding infrastructure stack. We generally prioritize companies above a $500 million market capitalization threshold, then rank them by investment quality using primary-source financial data and composite metrics such as profitability, growth, valuation, balance-sheet signals, and earnings consistency. We also weigh how directly each company participates in the stablecoin value chain, from issuance and network tooling to exchanges and payment enablement. Rankings are refreshed monthly, so placement can change as new earnings, guidance, and market data come in.
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