Stablecoin Rails
Stablecoins become the default rail for cross-border payments within five years, and the companies that issue, custody and route them win.
Holdings
Circle CRCL · Issuer 25%Earns interest on USDC reserves, so its revenue grows directly with stablecoin supply.
Coinbase COIN · Distribution 20%Shares USDC economics with Circle and runs Base, one of the main chains where stablecoin payments settle.
PayPal PYPL · Issuer 15%Issues PYUSD and can push it to hundreds of millions of existing wallets and merchants.
Visa V · Network 12%Already settles some card volume in USDC, positioning to route stablecoins rather than be bypassed.
Mastercard MA · Network 10%Building stablecoin settlement and wallet connections, the same hedge as Visa.
Robinhood HOOD · Distribution 10%A member of the Global Dollar (USDG) network with a large retail base to distribute to.
Galaxy Digital GLXY · Infrastructure 8%Trading, lending and infrastructure services that grow with onchain dollar liquidity.