By Darren Wang, Founder and CEO, Owlting Group (NASDAQ: OWLS)
- Stablecoin payments are growing fast. In the first nine months of 2026, payments identified by Allium rose 45% year on year to $482 billion, with total stablecoin supply holding steady, up 0.4% for the year. Visa said its stablecoin settlement run rate passed $25 billion, ten times a year earlier. This year's growth has come from use: the same dollars are moving more often.
- Stablecoin revenue comes from two places. Issuers earn mainly interest on the reserves behind their tokens, so their revenue follows interest rates and the number of tokens in circulation. Payment operators earn a fee each time a payment is completed, so their revenue follows payment activity.
- Owlting operates in that second layer, on licensing, banking and compliance infrastructure built over more than five years. OwlPay Harbor's completed payment volume grew approximately 15-fold from April to September 2026, and enterprise clients exceeded 100 in October.
Note
*Operating metrics are unaudited and derived from the Company's internal records. Destination markets reflect completed transactions on OwlPay Harbor from January 1, 2026 through September 30, 2026. Payment volume refers to completed payment volume on OwlPay Harbor during the applicable calendar month; the growth multiple compares September 2026 with April 2026, average compound monthly growth is calculated over the five months in between, and actual monthly growth varied. Enterprise client counts include clients with an executed Services Agreement with the Company, and the count as of October 19, 2026 is approximate. These metrics were previously disclosed in "Owlting Group (NASDAQ: OWLS) Issues CEO Letter to Shareholders Marking One Year on Nasdaq," October 19, 2026. For the full list of supported payout markets and currencies, see OwlPay Harbor's developer documentation: https://harbor-developers.owlpay.com/docs/off-ramp-coverage
About Owlting Group
Owlting Group (NASDAQ: OWLS) is the operating brand of OBOOK Holdings Inc., a global fintech company building regulated payment infrastructure, founded in Taiwan with subsidiaries across the United States, Japan, Poland, Singapore, Hong Kong, Thailand, and Malaysia. Its OwlPay platform is a fiat-digital currency hybrid payment solution that helps businesses move money across borders in the expanding digital economy. Recognized for rapid growth and industry leadership, Owlting was ranked No. 226 on the Financial Times and Statista “High-Growth Companies Asia-Pacific 2026” list with a 42% compound annual revenue growth rate, and named among the key global players in a 2025 digital currency market report by CB Insights. For more information, visit www.owlting.com/portal/?lang=en.
Forward-Looking Statements
This article contains forward-looking statements within the meaning of applicable securities laws. These statements relate to future events or the Company’s future financial or operating performance and involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements can often be identified by words such as “may,” “will,” “expect,” “anticipate,” “plan,” “intend,” “aim,” “target,” “continue,” “believe,” “estimate,” or similar expressions. These forward-looking statements are based on the Company’s current expectations and assumptions and speak only as of the date on which they were originally made. The Company undertakes no obligation to update any forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these statements and are encouraged to review the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this article include those regarding the Company’s long-term revenue objective for 2030, expected pricing pressure in cross-border and stablecoin payments, the Company’s position relative to other payment providers, and the Company’s aim for transaction volume to grow faster than operating costs, each of which is subject to risks and uncertainties, including regulatory and licensing requirements, financing, liquidity, partner and customer execution, market demand, competition, and other factors outside the Company’s control. Historical payment volume growth and enterprise client counts are not indicative of future payment volume, revenue, or profitability. Operating figures cited in this article are based on the Company’s unaudited internal records as of the dates stated and do not represent revenue.
Digital Asset and Blockchain Disclaimer
References in this article to digital assets, blockchain technologies, stablecoins, or distributed ledger technology are for informational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any digital asset, security, or financial instrument. Digital asset markets are subject to significant volatility and regulatory uncertainty, and the availability of related products and services may be subject to regulatory approvals and compliance with applicable laws and regulations.
Third-Party Information
This article may contain references to third-party companies, products, services, or publications. Such references are provided for informational purposes only and do not constitute an endorsement, sponsorship, or recommendation by the Company unless expressly stated. The Company has not independently verified third-party market data referenced in this article. Any third-party data or figures referenced in this article do not represent the Company’s transaction volume or revenue.
Product Availability
Certain products or services described in this article may not be available in all jurisdictions and may be subject to regulatory requirements and compliance with applicable laws and regulations.
###Nov 2, 2026 
OwltingBy Darren Wang, Founder and CEO, Owlting Group (NASDAQ: OWLS)
That history shapes how the cost of a payment behaves. The licenses, banking relationships and compliance systems were built before the volume arrived, so each new payment runs on infrastructure already in place. Fee levels vary by service. On the April 2026 earnings call, we described a conservative framework of 25 to 35 basis points (0.25% to 0.35%, or about $25 to $35 on a $10,000 payment) for core enterprise settlement flows,[14] and certain Visa Direct-enabled use cases carry higher fee economics than core settlement flows.[13] We also use AI across engineering, compliance and operations, with the aim of enabling transaction volume to grow substantially faster than operating costs.
A payment operator can also grow through partners, by being built into their products. Decaf, a payments platform, runs U.S. dollar payments in its business account product on Harbor, alongside its own local payout partners. Decaf owns the customer, the onboarding and the interface; Harbor runs underneath as a licensed payment layer; and Owlting earns fees on the payment volume that moves through it.[15] As we add new payment routes (corridors), platforms like Decaf can offer them to their customers without each customer integrating separately.
This model keeps us focused. Because our revenue follows completed payments, the numbers we watch most closely are the price and the cost of each payment. We expect pricing across the industry to become more competitive as more providers enter, and we believe the providers best placed to compete will be those that carry the licensing, local settlement and compliance work themselves.
Two models, two scorecards
Stablecoin payments grew substantially this year in both number and value, and the ways of measuring them continue to improve. Earning on holding and earning on moving will both continue, each with its own drivers: interest rates and distribution terms for the first, pricing and cost per payment for the second.
For a payment operator, the questions that matter are practical. How many payments were completed, for which customers, into which banking systems, and at what cost per payment? We believe the companies that can answer those questions precisely, market by market, are the ones best placed to earn lasting fees.
For Owlting, our long-term objective is public. By 2030, we are working toward approximately US$500 million in annual revenue from OwlPay and stablecoin-enabled payment services.[16] The path there runs through the same measures: completed payments, the clients sending them, and what each payment earns after its cost. These are the measures we run the business on.
Footnotes
[13] According to OBOOK Holdings Inc., "OBOOK Holdings Inc. Announces Financial Results for the Full Year 2025 Ended December 31, 2025," April 29, 2026, furnished on Form 6-K. Please see: https://www.sec.gov/Archives/edgar/data/0002025416/000119312526191907/owls-ex99_1.htm
[14] Full-year 2025 earnings conference call, April 30, 2026. A replay is available at https://investors.owlting.com/financials/quarterly-results. Pricing varies by client, corridor and transaction mix and is subject to change.
[15] According to Owlting Group, "Owlting Group (NASDAQ: OWLS) and Decaf Open U.S. Dollar Accounts Beyond the United States on OwlPay Harbor," October 14, 2026. Please see: https://www.globenewswire.com/news-release/2026/10/14/3380516/0/en/owlting-group-nasdaq-owls-and-decaf-open-u-s-dollar-accounts-beyond-the-united-states-on-owlpay-harbor.html
[16] The Company's long-term objective of approximately US$500 million in annual revenue from OwlPay and digital currency-enabled payment services by 2030 was most recently reiterated on the Company's first half 2026 earnings conference call held on August 21, 2026, and in the Company's letter to shareholders issued October 19, 2026. It is a long-term objective and does not constitute financial guidance or a forecast. A replay is available at https://investors.owlting.com/financials/quarterly-results
About Owlting Group
Owlting Group (NASDAQ: OWLS) is the operating brand of OBOOK Holdings Inc., a global fintech company building regulated payment infrastructure, founded in Taiwan with subsidiaries across the United States, Japan, Poland, Singapore, Hong Kong, Thailand, and Malaysia. Its OwlPay platform is a fiat-digital currency hybrid payment solution that helps businesses move money across borders in the expanding digital economy. Recognized for rapid growth and industry leadership, Owlting was ranked No. 226 on the Financial Times and Statista “High-Growth Companies Asia-Pacific 2026” list with a 42% compound annual revenue growth rate, and named among the key global players in a 2025 digital currency market report by CB Insights. For more information, visit www.owlting.com/portal/?lang=en.
Forward-Looking Statements
This article contains forward-looking statements within the meaning of applicable securities laws. These statements relate to future events or the Company’s future financial or operating performance and involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements can often be identified by words such as “may,” “will,” “expect,” “anticipate,” “plan,” “intend,” “aim,” “target,” “continue,” “believe,” “estimate,” or similar expressions. These forward-looking statements are based on the Company’s current expectations and assumptions and speak only as of the date on which they were originally made. The Company undertakes no obligation to update any forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these statements and are encouraged to review the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this article include those regarding the Company’s long-term revenue objective for 2030, expected pricing pressure in cross-border and stablecoin payments, the Company’s position relative to other payment providers, and the Company’s aim for transaction volume to grow faster than operating costs, each of which is subject to risks and uncertainties, including regulatory and licensing requirements, financing, liquidity, partner and customer execution, market demand, competition, and other factors outside the Company’s control. Historical payment volume growth and enterprise client counts are not indicative of future payment volume, revenue, or profitability. Operating figures cited in this article are based on the Company’s unaudited internal records as of the dates stated and do not represent revenue.
Digital Asset and Blockchain Disclaimer
References in this article to digital assets, blockchain technologies, stablecoins, or distributed ledger technology are for informational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any digital asset, security, or financial instrument. Digital asset markets are subject to significant volatility and regulatory uncertainty, and the availability of related products and services may be subject to regulatory approvals and compliance with applicable laws and regulations.
Third-Party Information
This article may contain references to third-party companies, products, services, or publications. Such references are provided for informational purposes only and do not constitute an endorsement, sponsorship, or recommendation by the Company unless expressly stated. The Company has not independently verified third-party market data referenced in this article. Any third-party data or figures referenced in this article do not represent the Company’s transaction volume or revenue.
Product Availability
Certain products or services described in this article may not be available in all jurisdictions and may be subject to regulatory requirements and compliance with applicable laws and regulations.
###Nov 2, 2026 Owlting By Darren Wang, Founder and CEO, Owlting Group (NASDAQ: OWLS)
Where Owlting sits
Owlting operates in the second of these two models. We are a payment operator. OwlPay is designed to generate transaction-based revenue, and we earn fees on the payment volume that moves through it. Businesses on OwlPay send U.S. dollars or dollar-based stablecoins, currently USDC, with support available for USDT, and their recipients receive local currency in their bank accounts in the destination market.
The regulated layer behind that service took years to build. We invested in licenses, banking relationships, anti-money laundering systems, technology to convert between fiat and stablecoins, and cross-border liquidity networks. In the United States, money transmission is licensed state by state. OwlTing USA, Inc. (NMLS ID 2324336), a wholly owned subsidiary of OBOOK Holdings Inc., holds Money Transmitter Licenses or their equivalent in 42 U.S. states, with the ability to serve customers in 43 U.S. states, and Owlting's Japanese subsidiary is registered as an Electronic Payment Intermediary Service Provider (Bank API registration) in Japan.[10]
OwlPay is integrated with Circle Payments Network for stablecoin settlement, uses Visa Direct for payouts to eligible U.S. debit cards, and supports USDC on the Stellar network. Owlting can also mint USDC directly with Circle, turning U.S. dollars into USDC one for one.[11] From January 1 to September 30, 2026, payments on Harbor were delivered into approximately 50 countries and territories.[12]
That groundwork is now carrying volume. OwlPay Harbor's completed payment volume grew approximately 15-fold from April to September 2026, compounding at an average of more than 70% a month, and September was its eighth consecutive month of growth.[12] Enterprise clients exceeded 100 as of October 19, 2026, up from 84 as of August 31, 2026.[12] Our licensing base also grew this year, from 39 state Money Transmitter Licenses at the end of 2025[13] to 42 licenses or their equivalent as of September 30, 2026.[10]
Footnotes
[10] As of September 30, 2026. All money transmission services in the United States are provided by OwlTing USA, Inc. (NMLS ID: 2324336), a wholly owned subsidiary of OBOOK Holdings Inc. For a list of licenses obtained, see https://www.owlting.com/owlpay/licenses?lang=en
[11] USDC is issued by regulated affiliates of Circle. References to Circle are for informational purposes and do not indicate endorsement.
[12] Operating metrics are unaudited and derived from the Company's internal records. Destination markets reflect completed transactions on OwlPay Harbor from January 1, 2026 through September 30, 2026. Payment volume refers to completed payment volume on OwlPay Harbor during the applicable calendar month; the growth multiple compares September 2026 with April 2026, average compound monthly growth is calculated over the five months in between, and actual monthly growth varied. Enterprise client counts include clients with an executed Services Agreement with the Company, and the count as of October 19, 2026 is approximate. These metrics were previously disclosed in "Owlting Group (NASDAQ: OWLS) Issues CEO Letter to Shareholders Marking One Year on Nasdaq," October 19, 2026. For the full list of supported payout markets and currencies, see OwlPay Harbor's developer documentation: https://harbor-developers.owlpay.com/docs/off-ramp-coverage
[13] According to OBOOK Holdings Inc., "OBOOK Holdings Inc. Announces Financial Results for the Full Year 2025 Ended December 31, 2025," April 29, 2026, furnished on Form 6-K. Please see: https://www.sec.gov/Archives/edgar/data/0002025416/000119312526191907/owls-ex99_1.htm
About Owlting Group
Owlting Group (NASDAQ: OWLS) is the operating brand of OBOOK Holdings Inc., a global fintech company building regulated payment infrastructure, founded in Taiwan with subsidiaries across the United States, Japan, Poland, Singapore, Hong Kong, Thailand, and Malaysia. Its OwlPay platform is a fiat-digital currency hybrid payment solution that helps businesses move money across borders in the expanding digital economy. Recognized for rapid growth and industry leadership, Owlting was ranked No. 226 on the Financial Times and Statista “High-Growth Companies Asia-Pacific 2026” list with a 42% compound annual revenue growth rate, and named among the key global players in a 2025 digital currency market report by CB Insights. For more information, visit www.owlting.com/portal/?lang=en.
Forward-Looking Statements
This article contains forward-looking statements within the meaning of applicable securities laws. These statements relate to future events or the Company’s future financial or operating performance and involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements can often be identified by words such as “may,” “will,” “expect,” “anticipate,” “plan,” “intend,” “aim,” “target,” “continue,” “believe,” “estimate,” or similar expressions. These forward-looking statements are based on the Company’s current expectations and assumptions and speak only as of the date on which they were originally made. The Company undertakes no obligation to update any forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these statements and are encouraged to review the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this article include those regarding the Company’s long-term revenue objective for 2030, expected pricing pressure in cross-border and stablecoin payments, the Company’s position relative to other payment providers, and the Company’s aim for transaction volume to grow faster than operating costs, each of which is subject to risks and uncertainties, including regulatory and licensing requirements, financing, liquidity, partner and customer execution, market demand, competition, and other factors outside the Company’s control. Historical payment volume growth and enterprise client counts are not indicative of future payment volume, revenue, or profitability. Operating figures cited in this article are based on the Company’s unaudited internal records as of the dates stated and do not represent revenue.
Digital Asset and Blockchain Disclaimer
References in this article to digital assets, blockchain technologies, stablecoins, or distributed ledger technology are for informational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any digital asset, security, or financial instrument. Digital asset markets are subject to significant volatility and regulatory uncertainty, and the availability of related products and services may be subject to regulatory approvals and compliance with applicable laws and regulations.
Third-Party Information
This article may contain references to third-party companies, products, services, or publications. Such references are provided for informational purposes only and do not constitute an endorsement, sponsorship, or recommendation by the Company unless expressly stated. The Company has not independently verified third-party market data referenced in this article. Any third-party data or figures referenced in this article do not represent the Company’s transaction volume or revenue.
Product Availability
Certain products or services described in this article may not be available in all jurisdictions and may be subject to regulatory requirements and compliance with applicable laws and regulations.
###Nov 2, 2026 Owlting By Darren Wang, Founder and CEO, Owlting Group (NASDAQ: OWLS)
How payment operators earn: moving dollars
A payment operator earns a fee each time money is converted, routed and delivered, so its revenue grows with the number and value of payments it completes. The figures it manages most closely are the price of each payment, the cost of the services behind it, and the volume that covers the fixed cost of compliance and operations.
Blockchain technology has made the transfer itself very low-cost. Drawing on Allium's September comparison, insights4vc notes that a transfer cost less than one cent on seven of the eight networks shown, with Ethereum the highest at 13.52 cents.[4] The value a business pays for comes from the work around the transfer: currency conversion, local payout, funding accounts in advance (prefunding), sanctions screening, resolving payments that need attention, and reconciliation, which matches every payment to the right record. The World Bank's remittance pricing methodology likewise counts the exchange rate and the speed of delivery as part of the total cost, alongside the stated fee.[7]
Careful measurement also matters. A Bank for International Settlements working paper found that nearly 60% of 593 million stablecoin transfer events on Ethereum in 2025 were steps inside larger, multi-step transactions, such as trading and lending.[8] Allium filters for this, and its payment figures are a modeled estimate based on wallet labels and transaction patterns.[1][4] For a payment operator, the figure that counts is completed customer payments, because that is where fees are earned.
What customers pay for
With the transfer itself costing a fraction of a cent, customers pay for everything that gets a payment to its destination safely and on time. insights4vc reaches a similar view: in its analysis, infrastructure companies that take on compliance, liquidity and reconciliation work on their customers' behalf are well placed to earn durable fees.[4] From an operator's viewpoint, I would put it in concrete terms. A durable fee rests on the parts of a payment that take time to build: licenses where money is sent and received, banking relationships in destination markets, local payout, transaction monitoring, and a team that follows every payment through to delivery.
Regulation is also taking clearer shape. The Office of the Comptroller of the Currency (OCC), a U.S. federal banking regulator, issued its final rule implementing the GENIUS Act, the U.S. federal law for payment stablecoins, on October 21, 2026, effective January 18, 2027. The rule sets standards for stablecoin issuers, and the OCC said rules on anti-money laundering and sanctions will be addressed separately with the U.S. Treasury.[9]
For payment operators like Owlting, anti-money laundering, sanctions and money transmission requirements already apply under existing law, and meeting them is part of everyday operations. That is a big part of why the compliance layer of a payment takes years to build, and in our view it is the part of a payment whose value holds up best over time.
Footnotes
[1] According to Allium, "State of Stablecoins and Payments, Q3 2026," October 15, 2026. Please see: https://www.allium.so/reports/state-of-stablecoins-and-payments-q3-2026
[4] According to insights4vc, "The Economics of Stablecoins and Payments in 2026," October 22, 2026. Please see: https://insights4.vc/blog/The_Economics_of_Stablecoins_and_Payments_in_2026
[7] According to the World Bank, "Remittance Prices Worldwide: Methodology." Please see: https://remittanceprices.worldbank.org/methodology
[8] According to the Bank for International Settlements, "The anatomy of stablecoin transactions," BIS Working Paper No. 1359, June 11, 2026. Please see: https://www.bis.org/publications/working-paper-1359-anatomy-stablecoin-transactions
[9] According to the Office of the Comptroller of the Currency, "OCC Advances U.S. Digital Asset Leadership with Final Rule to Implement GENIUS Act," News Release 2026-92, October 21, 2026. Please see: https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-92.html
About Owlting Group
Owlting Group (NASDAQ: OWLS) is the operating brand of OBOOK Holdings Inc., a global fintech company building regulated payment infrastructure, founded in Taiwan with subsidiaries across the United States, Japan, Poland, Singapore, Hong Kong, Thailand, and Malaysia. Its OwlPay platform is a fiat-digital currency hybrid payment solution that helps businesses move money across borders in the expanding digital economy. Recognized for rapid growth and industry leadership, Owlting was ranked No. 226 on the Financial Times and Statista “High-Growth Companies Asia-Pacific 2026” list with a 42% compound annual revenue growth rate, and named among the key global players in a 2025 digital currency market report by CB Insights. For more information, visit www.owlting.com/portal/?lang=en.
Forward-Looking Statements
This article contains forward-looking statements within the meaning of applicable securities laws. These statements relate to future events or the Company’s future financial or operating performance and involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements can often be identified by words such as “may,” “will,” “expect,” “anticipate,” “plan,” “intend,” “aim,” “target,” “continue,” “believe,” “estimate,” or similar expressions. These forward-looking statements are based on the Company’s current expectations and assumptions and speak only as of the date on which they were originally made. The Company undertakes no obligation to update any forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these statements and are encouraged to review the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this article include those regarding the Company’s long-term revenue objective for 2030, expected pricing pressure in cross-border and stablecoin payments, the Company’s position relative to other payment providers, and the Company’s aim for transaction volume to grow faster than operating costs, each of which is subject to risks and uncertainties, including regulatory and licensing requirements, financing, liquidity, partner and customer execution, market demand, competition, and other factors outside the Company’s control. Historical payment volume growth and enterprise client counts are not indicative of future payment volume, revenue, or profitability. Operating figures cited in this article are based on the Company’s unaudited internal records as of the dates stated and do not represent revenue.
Digital Asset and Blockchain Disclaimer
References in this article to digital assets, blockchain technologies, stablecoins, or distributed ledger technology are for informational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any digital asset, security, or financial instrument. Digital asset markets are subject to significant volatility and regulatory uncertainty, and the availability of related products and services may be subject to regulatory approvals and compliance with applicable laws and regulations.
Third-Party Information
This article may contain references to third-party companies, products, services, or publications. Such references are provided for informational purposes only and do not constitute an endorsement, sponsorship, or recommendation by the Company unless expressly stated. The Company has not independently verified third-party market data referenced in this article. Any third-party data or figures referenced in this article do not represent the Company’s transaction volume or revenue.
Product Availability
Certain products or services described in this article may not be available in all jurisdictions and may be subject to regulatory requirements and compliance with applicable laws and regulations.
###Nov 2, 2026 Owlting By Darren Wang, Founder and CEO, Owlting Group (NASDAQ: OWLS)
Growth is coming from use, not from supply
Stablecoin use grew strongly in 2026. Allium, a blockchain data and analytics company, reports that total stablecoin supply ended September at $305 billion, 0.4% above where it began the year.[1] Over the same nine months, stablecoin transfers that Allium identifies as payments grew 45% from a year earlier to $482 billion. The number of payments grew faster still, up 71% to 1.04 billion, and the average payment came down from $544 to $462.[1] In other words, stablecoins are being used more often, and for smaller amounts.
Visa's figures show the same trend. In April 2026, Visa reported that its stablecoin settlement pilot had reached a $7 billion annualized run rate, meaning recent activity projected over a full year.[2] On its fiscal fourth-quarter earnings call in October, Visa said that run rate had passed $25 billion, ten times the level of a year earlier.[3]
Who benefits from this growth depends on how a company is paid. A business that earns a fee each time a payment is completed grows with this activity. A recent analysis by insights4vc, a digital asset research firm, asked the question directly: when digital dollars move, which companies earn, and how well do those earnings hold up as interest rates, margins and competition change?[4]
I'd like to answer part of it from where Owlting sits, as a licensed payment operator that delivers these payments into local bank accounts.
How issuers earn: holding dollars
A stablecoin issuer holds reserves, such as cash and short-term U.S. Treasury bills, behind its tokens, and its main source of revenue is the interest those reserves earn. In the second quarter of 2026, Circle, the issuer of USDC, reported reserve income of $667.7 million out of $701.3 million in total revenue and reserve income.[5] This kind of revenue moves with short-term interest rates and with the number of tokens in circulation,[6] and issuers typically share part of it with the distribution partners that bring those balances in and help keep them there.[5] These features describe the holding model as a whole, across issuers.
Footnotes
[1] According to Allium, "State of Stablecoins and Payments, Q3 2026," October 15, 2026. Please see: https://www.allium.so/reports/state-of-stablecoins-and-payments-q3-2026
[2] According to Visa, "Visa Accelerates Stablecoin Momentum: Adding Five Blockchains for Settlement," April 29, 2026. Please see: https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.22336.html
[3] According to Visa, Fiscal Fourth Quarter and Full Year 2026 Earnings Conference Call, October 27, 2026, as transcribed by The Motley Fool. Please see: https://www.fool.com/earnings/call-transcripts/2026/10/28/visa-v-q4-2026-earnings-call-transcript/
[4] According to insights4vc, "The Economics of Stablecoins and Payments in 2026," October 22, 2026. Please see: https://insights4.vc/blog/The_Economics_of_Stablecoins_and_Payments_in_2026
[5] According to Circle Internet Group, "Form 10-Q for the quarterly period ended June 30, 2026," filed with the U.S. Securities and Exchange Commission. Please see: https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm
About Owlting Group
Owlting Group (NASDAQ: OWLS) is the operating brand of OBOOK Holdings Inc., a global fintech company building regulated payment infrastructure, founded in Taiwan with subsidiaries across the United States, Japan, Poland, Singapore, Hong Kong, Thailand, and Malaysia. Its OwlPay platform is a fiat-digital currency hybrid payment solution that helps businesses move money across borders in the expanding digital economy. Recognized for rapid growth and industry leadership, Owlting was ranked No. 226 on the Financial Times and Statista “High-Growth Companies Asia-Pacific 2026” list with a 42% compound annual revenue growth rate, and named among the key global players in a 2025 digital currency market report by CB Insights. For more information, visit www.owlting.com/portal/?lang=en.
Forward-Looking Statements
This article contains forward-looking statements within the meaning of applicable securities laws. These statements relate to future events or the Company’s future financial or operating performance and involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements can often be identified by words such as “may,” “will,” “expect,” “anticipate,” “plan,” “intend,” “aim,” “target,” “continue,” “believe,” “estimate,” or similar expressions. These forward-looking statements are based on the Company’s current expectations and assumptions and speak only as of the date on which they were originally made. The Company undertakes no obligation to update any forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these statements and are encouraged to review the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this article include those regarding the Company’s long-term revenue objective for 2030, expected pricing pressure in cross-border and stablecoin payments, the Company’s position relative to other payment providers, and the Company’s aim for transaction volume to grow faster than operating costs, each of which is subject to risks and uncertainties, including regulatory and licensing requirements, financing, liquidity, partner and customer execution, market demand, competition, and other factors outside the Company’s control. Historical payment volume growth and enterprise client counts are not indicative of future payment volume, revenue, or profitability. Operating figures cited in this article are based on the Company’s unaudited internal records as of the dates stated and do not represent revenue.
Digital Asset and Blockchain Disclaimer
References in this article to digital assets, blockchain technologies, stablecoins, or distributed ledger technology are for informational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any digital asset, security, or financial instrument. Digital asset markets are subject to significant volatility and regulatory uncertainty, and the availability of related products and services may be subject to regulatory approvals and compliance with applicable laws and regulations.
Third-Party Information
This article may contain references to third-party companies, products, services, or publications. Such references are provided for informational purposes only and do not constitute an endorsement, sponsorship, or recommendation by the Company unless expressly stated. The Company has not independently verified third-party market data referenced in this article. Any third-party data or figures referenced in this article do not represent the Company’s transaction volume or revenue.
Product Availability
Certain products or services described in this article may not be available in all jurisdictions and may be subject to regulatory requirements and compliance with applicable laws and regulations.
###Nov 2, 2026 Owlting 
