From Quiet Rails to Financial Superhighway: Mapping the New Stablecoin Economy

What was once the quiet infrastructure of the crypto world is stepping into the global spotlight. With the recent passage of landmark regulations like the U.S. GENIUS Act and the implementation of Europe's MiCA framework, stablecoins are no longer a niche experiment. They are becoming the programmable, regulated rails of our future financial system.

This new era of clarity is unlocking the strategic importance of a market already valued at over $190 billion. The question is: who are building the ecosystem around them and how?

Theia Insights Concept2Universe model has mapped over 150 public companies with exposure to the stablecoin economy. The findings reveal a vibrant, multi-layered landscape - a new financial ecosystem in the making.

Dimensions of the Stablecoin Ecosystem

Based on an analysis of over 150 companies, we can map this market more accurately across three interconnected layers: the Core layer, the Liquidity & Institutional Layer, and the Application & Adoption Layer.

1. Core Layer - Issuance & Infrastructure

This layer is concerned with creating the stablecoin asset and building the fundamental rails it runs on. It combines issuance, reserve management, and the core infrastructure that bridges blockchain with traditional finance. These are the "manufacturers" and "logisticians" of the stablecoin economy.

• Circle: A primary issuer focused on compliant, reserve-backed stablecoins like USDC.

• Mastercard: A critical player that enables stablecoin-based settlement, bridging new technology with its existing global payment rails.

• Other Innovators:

  • Fiserv, Inc.: Provides core payment processing and digital banking technology to financial institutions, positioning it to enable banks and credit unions to offer stablecoin-related services.
  • GSTechnologies Ltd.: Directly developing its own private stablecoin capabilities for its GS Money platform to facilitate international transfers.
  • Norwegian Block Exchange AS: Actively issues the USDM stablecoin through a partnership, directly participating in the creation and management of new assets.
  • Hashnote Management LLC: Functions as a primary issuer and manager for major stablecoins, while also providing the infrastructure and developer tools to support their use.

2. Liquidity & Institutional Layer - Trading & Asset Management

This is the wholesale market layer where deep liquidity is established, price discovery occurs, and large-scale institutional capital is managed. It merges the functions of trading exchanges with institutional-grade investment and custody services.

• Galaxy Digital: Provides essential trading, custody, and market-making services tailored for institutional clients, acting as a key bridge for large-scale capital deployment.
• Coinbase: While active in every layer, it serves as a primary liquidity hub for both retail and institutional traders.
• Other Innovators:
  • CME Group Inc.: As a leading derivatives marketplace, it is positioned to offer stablecoin-related futures and clearing services, integrating digital assets into traditional finance.
  • Monex Group, Inc.: Operates the major Japanese cryptocurrency exchange Coincheck, providing a critical hub for stablecoin trading and liquidity in the Asian market.
  • OSL Group Limited: A key institutional player providing a digital asset platform with brokerage and Over-The-Counter (OTC) services where stablecoins are integral to transactions.
  • Amber International Holding Limited: Offers comprehensive digital asset wealth management and DeFi yield products that rely heavily on stablecoins for their operations.

3. Application & Adoption Layer - Distribution & Payments

This is the user-facing layer where stablecoins are integrated into applications for everyday commerce, peer-to-peer transfers, and retail investment. These companies are crucial for driving mainstream adoption by creating accessible and valuable use cases.

• PayPal: A leader in this layer, introducing its own PYUSD stablecoin to embed digital currency payments directly into its vast mainstream ecosystem.
• Block: Drives mainstream adoption through its popular Cash App and merchant services, integrating digital assets into everyday financial life.
• Other Innovators:
  • Exodus Movement, Inc.: Provides a key non-custodial wallet that integrates stablecoin services, enabling millions of users to manage and transact with these assets.
  • WisdomTree, Inc.: Offers the WisdomTree Prime digital wallet, which combines traditional ETFs with blockchain-enabled finance, including stablecoin services.
  • Robinhood Markets, Inc.: Its popular trading app and self-custody Web3 wallet are major distribution channels for stablecoins to a broad retail audience.
  • CURRENC Group Inc.: Focuses on cross-border remittances by integrating with networks like RippleNet, using digital assets to facilitate faster and cheaper international payments.

A Diverse and Maturing Market

Our analysis shows that the stablecoin market is far from uniform. It is a healthy mix of companies across all market capitalisations, from nimble micro-cap startups to large, established players. This diversity signals broad-based innovation. While mega-cap firms are still few, their involvement underscores the profound strategic interest from the highest levels of finance.

The ecosystem these companies are building upon are structural and significant: 24/7 availability, instant global settlement, and the ability to bypass the delays and costs of traditional correspondent banking networks.

As global policy aligns and this $190B+ market continues to grow, the opportunities will expand beyond volume into deep strategic integration. The groundwork has been laid. Now, the race is on to see which companies are best positioned to lead and who will build the winning tools for stablecoin.

If you’d like access to the full dataset of stablecoin-related public companies, please contact Theia Insights at hello@theiainsights.com.