Circle’s share price has increased in the last two weeks.
Circle (CRCL:NYSE) is up roughly 17% to $74 price a share since it last disclosed its Q2 earnings to investors.
In fact, the lowest price that was recorded earlier this month was $59.37 per TradingView.
Since then, CRCL rebounded 24.6% as the market anticipates its Arc mainnet launch in September.
Stablecoin Narratives in the Public Markets
Circle is the most well known and only pure-play public stablecoin issuance company. Not just across the U.S, but also internationally.
However, there are a few other existing public companies who are trading with varying degrees of exposure to newly integrated stablecoin solutions.
Coinbase Exchange and USDC
Today, Coinbase (COIN:Nasdaq) is currently trading at $149 a share per TradingView.
The exchange went public at the peak of the 2021 market.
While it is diversifying its products and trading services to perpetual contracts and prediction markets, Coinbase has a large alignment to the liquidity and growth of USDC.
Its relationship with Circle – which was just renewed for similar profit sharing terms from USDC stablecoin activity – continues to play a large role in its broader appeal to investors.
BitGo’s Digital Asset Services
The digital asset provider is already a stablecoin custodian for USD1 and SoFiUSD stablecoins for World Liberty Financial and SoFi respectively.
Bitgo also recently launched additional stablecoin minting and redemption services.
Aside from this, its narrative targets enterprise and large financial institutions to offer staking, settlement, financing, and prime brokerage activities. Many of these rely on stablecoins.
A public company since January 2026, BitGo is experiencing a more turbulent share price.
BTGO is currently trading at $5.70 and is down nearly 70% from the $18.49 a share IPO price per TradingView. For a few months it bounced within the $8-12 range, but significantly fell in late May.
BitGo may be facing increased competition from similar actors like Anchorage, also going after enterprise and large institutional adoption.
Lack of Stablecoin Card Companies
Stablecoin cards have yet to enter the public markets in a big way.
In January, RedotPay announced their intention to IPO.
Based in Hong Kong and serving customers across several large international markets, the stablecoin card provider is the largest per latest stablecoin card volume metrics.
However, this may be delayed while RedotPay resolves a dispute with Binance per Bloomberg.
While there are no pure-stablecoin card issuer or providers that are currently public, this particular narrative is largely being supported from the likes of Visa and Mastercard.
As leading card authorizing networks, both are constantly involved in scaling stablecoin services. From internal innovation to partnerships and more.
This includes Mastercard acquiring stablecoin orchestrator BVNK; Visa launching stablecoin funding and settlement solutions; and both offering principal card membership to Rain.
Comeback for Legacy Remittance?
Global remittance providers are modernize their infrastructures.
Western Union, Remitly, and Moneygram are all examples of legacy businesses that are using stablecoins to improve client money transfer experiences worldwide.
In the process, these platforms are making idle cash spendable for customers and remove prefunding restrictions when transferring to agent branches in different countries.
Western Union has recently launched their USDPT stablecoin and Stablecard, while Remitly added USDC stablecoin balance integration to their Global Card. Additionally, Moneygram launched MGUSD stablecoin earlier this summer.
Western Union (WU:NYSE) is trading at $7.25 a share, which is down 12.7% in the last year and around 67% in the last 5 years.
For a company that went public in 2007, this is a narrative pivot to completely modernize itself.
On the other hand, Remitly (RELY:Nasdaq) is currently trading at $26.31 and is up 32.84% in the last year. It is down 50% from its 2022 IPO price of $44.08, but has been recovering ever since.
