Artemis argues that Circle is being priced like a plain stablecoin issuer, even though the company is building a broader money platform for the internet. In its thesis, the firm says Circle’s first-mover advantage and network effects are being underestimated, while the stablecoin market itself could grow at a 40% CAGR and exceed $1 trillion by 2030. The note also points to Open Standard, a consortium backed by more than 140 companies including Stripe, Visa, Mastercard and Google, which sent Circle shares down 17% on the day it was announced. Artemis says that reaction may have pushed CRCL near its all-time low, but it does not see the alliance as enough to break the liquidity advantage held by Circle and Tether. The firm also laid out a valuation case centered on Circle’s payments products, its current revenue run-rate of about $2.8 billion, and a path toward roughly $5 billion in annual revenue if stablecoin supply, payments volume and Arc all scale as projected.

HOOD rose sharply, with data from MSX.COM showing the stock up 11.69% and moving above the $106 mark. The latest quoted price in the brief was $106.22. The update was published by Odaily as a 7x24 market news flash, with no additional details provided in the source beyond the move and the latest price level.

Crypto-related U.S. stocks extended their gains after the market open on Aug. 21, according to market data from BIT (bit.com). During intraday trading, GEMI rose 10.03%, HOOD climbed 12.98%, CRCL added 9.25%, and COIN gained 9.6%, putting several crypto concept stocks near or above the 10% mark. AI-related names were quieter on the day and showed a mixed picture rather than a broad move in one direction. Storage stock SanDisk slipped 0.34%, neocloud name NBIS rose 2.78%, Hynix gained 1.85% in U.S. trading, and optical communications stock LITE advanced 2.01%. The session highlighted a clear split between strong momentum in crypto-linked equities and relatively muted trading across the AI segment.

Circle is being priced like a plain stablecoin issuer, but Artemis Analytics argues that view misses the company’s deeper moat in payments and its broader ambition to become a full-stack money platform for the internet. In the note, translated and published by TechFlow, Artemis says the market reaction to Open Standard’s launch — a consortium stablecoin backed by more than 140 companies including Stripe, Visa, Mastercard and Google — showed how narrowly investors still frame Circle’s business. Circle shares fell 17% that day, pushing CRCL close to its historical low, as traders appeared to bet that a coalition model could break the Circle-Tether duopoly and redistribute stablecoin economics across members. Artemis takes the opposite side. The firm argues that stablecoins are likely to grow at a 40% compound annual rate and exceed $1 trillion in supply by 2030, while liquidity and network effects make the market structurally winner-take-most. On that basis, Circle’s lead in cross-chain, app and exchange liquidity would be hard to replicate. The report also says Circle’s valuation multiples look compressed versus payment networks and high-growth fintech peers. Using assumptions that include $1 trillion in stablecoin supply by 2030, a 20% USDC share, 2% rates, growing transaction volume at Circle Payments Network, and additional fee generation from Arc if it reaches Tron’s scale, Artemis arrives at a revenue path close to $5 billion and argues that a 10x multiple could support a $50 billion market capitalization.

Crypto exchanges are pushing deeper into equities, turning stocks into one of the clearest product expansion paths in this market cycle. CoinGecko data cited in the report shows monthly stock perpetual volume across the top 13 crypto trading platforms climbed from about $831 million in July 2025 to roughly $34 billion in May 2026, a jump of nearly 40 times in less than a year. TradFi and RWA perpetuals spanning stocks, commodities and indexes reached $347.17 billion in May 2026 alone, with year-to-date volume above $1.32 trillion. The landscape is no longer limited to synthetic price exposure. Binance, Kraken, OKX, Bitget, Gate, Coinbase and Backpack are each combining different layers of product infrastructure, including direct access to real U.S. stocks and ETFs, tokenized stocks backed 1:1 by underlying securities, onchain-transferable equity tokens, stock perpetuals, CFDs and pre-IPO contracts. Their structures differ in important ways, especially around custody, investor rights, redemption and whether users actually own shares or only gain economic exposure. The report argues that crypto stocks remain early relative to traditional equity markets, with CoinGecko data indicating activity in crypto stock derivatives is still less than 1% of traditional stock market volume. Even so, the segment is moving from a niche RWA experiment toward a core competitive arena for centralized exchanges that want to extend from crypto into broader financial trading.

Crypto stock products are turning into one of the clearest expansion paths for centralized exchanges as they push beyond digital assets and into traditional finance. The competitive set is no longer limited to synthetic price exposure. By 2026, major platforms had rolled out a mix of real stock brokerage, tokenized equities, stock perpetuals, CFDs and pre-IPO products, often inside a single account system. According to CoinGecko figures cited in the source article, monthly trading volume for stock perpetuals across the top 13 crypto trading platforms climbed from about $831 million in July 2025 to roughly $34 billion in May 2026, an increase of nearly 40 times in less than a year. The article also notes that cumulative stock-perpetual volume in the first five months of 2026 had already surpassed the whole of 2025. On the tokenized spot side, xStocks had logged more than $35 billion in cumulative trading volume by July 2026 and nearly 200,000 holders globally, while expanding beyond U.S. stocks and ETFs into Hong Kong, the U.K., Europe and South Korea. The report reviews how Binance, OKX, Bitget, Gate, Kraken, Coinbase and Backpack approach the market through different legal and product structures. It argues that the category now spans four distinct models: traditional brokerage access to real shares, tokenized securities backed by underlying stocks, total-return or synthetic equity tokens, and stock perpetuals or CFDs that do not require 1:1 share backing. The result is a market that is still early by global equity standards, yet increasingly central to how exchanges compete for the next phase of user growth.

U.S. crypto-related stocks widened gains on Aug. 20, according to BIT (bit.com) market data cited by BlockBeats. American Bitcoin (ABTC) rose 17.87%, while Strategy (MSTR) gained 14.55% and BitMine (BMNR) climbed 14.09%. Bullish (BLSH), SharpLink (SBET) and Coinbase (COIN) also posted double-digit advances. Circle (CRCL) and Gemini (GEMI) were both up more than 12%, and MARA and Robinhood (HOOD) also traded higher.

U.S. stocks ended lower on August 19, according to BIT (Bit.com) market data. The Dow Jones Industrial Average fell 0.22%, the S&P 500 dropped 0.69%, and the Nasdaq Composite declined 1.32%. Among individual names, Sandisk fell 9.01%, while Apple gained 1.49% and Microsoft rose 0.23%. Google slipped 0.02%, Amazon fell 0.70%, Tesla lost 0.72%, Nvidia declined 2.36%, and Meta Platforms dropped 4.47%. Crypto-linked shares also moved lower, with Coinbase down 2.74% and Robinhood down 4.69%.