US Public Companies and Their Digital Asset Money Makers. Part 2

Last week we broke down 4 (Coinbase, Robinhood, Block and CME Group) of the top 8 US public companies with significant digital asset revenue in the exchange business and the powerful underlying business growth trend. 

This week, we shift the spotlight to the other 4 leaders driving revenue through Stablecoins, Asset Management, and Bitcoin Treasury strategies.

Here’s what we’ll unpack:

• How big are they?

• What trends are driving growth?

• Who’s likely to join them next?

  
  

Let’s dive in.

The Stablecoin Business: Circle and PayPal

The stablecoin business has two core engines: issuance and payment flows. The issuance business is a net-interest-margin business or a narrow banking business. And the payment flow business is a volume business. Right now, issuance dominates in revenue and profitability. But with the passage of the GENIUS Act, expect a tidal wave of issuances ahead though the payment business is growing very quickly from a low base.

Circle ($44B market cap)

Circle is the second largest stablecoin issuer in the world and is the largest US onshore issuer. Its product USDC has a $64B market cap, growing from $43B at the start of the year and from $25B from 2023. And in the stablecoin issuance business, the market cap of your stablecoin serves as a leading indicator for your business’ top line. 

The basic business model involves taking in bank deposits, investing that in short-term yield generating instruments such as TBills and issuing a corresponding amount of stablecoin tokens onchain. 

Circle recently IPO’ed on NYSE and went 10x from its IPO price. According to its S-1 filing with the SEC, Circle took in $1.66B in revenue in 2024 and paid out a $1B distribution fee via its partnership with Coinbase and earned $150M in net income.

See below for its revenue trajectory.

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