After Circle, who will be the next? Three stablecoin dark horses!

Since Circle successfully landed on the New York Stock Exchange in June 2025, its stock price has skyrocketed tenfold, and the market has quickly set off a frenzy of looking for the "next stablecoin concept stock". This is not only a wave of capitalization in the blockchain industry, but also a critical moment for the integration of traditional finance and the crypto world. So, who will be the next Circle?

1. Paxos: The stablecoin promoter behind PayPal

Paxos is the issuer of USDP and PYUSD, and has a trust license issued by the New York State Department of Financial Services (NYDFS). With its in-depth cooperation with financial giants such as PayPal and Mastercard, coupled with its outstanding compliance and transparency performance, Paxos is regarded as the most likely stablecoin company to go public in the United States.

2. First Digital (FDUSD): The counterattack of Asian forces

First Digital Trust, headquartered in Hong Kong, has quickly become one of the top five stablecoins in the world with the active performance of FDUSD on exchanges such as Binance. Although it has not publicly announced its intention to go public, its active international expansion and compliance layout have led the market to speculate whether it is preparing for a US stock listing.

3. Frax Finance: DeFi's native listing ambition

Frax is the world's first partially collateralized, partially algorithm-backed stablecoin. Although it currently focuses on the decentralized financial field, its governance token FXS has been circulated on many exchanges. As the team accelerates its compliance transformation, the possibility of Frax becoming physical and knocking on the door of the US stock market in the future is gradually heating up.

How can investors plan ahead?

Stablecoins are no longer just a "supporting role" in the crypto world, but an important part of modern financial infrastructure. The next listed stablecoin issuer may be the new ten-fold stock. Investors may wish to pay close attention to the dynamics of these "candidates" and seize capital opportunities in the digital dollar era.

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