Circle’s approval from the U.S. Office of the Comptroller of the Currency to operate as a trust bank has put fresh attention on the plumbing that keeps crypto trading, stablecoins, and digital payments running. With USDC reserves now managed directly by Circle and the stock up 12% in early trading on the news, investors are looking again at listed companies tied to this kind of crypto infrastructure. This article walks through three stocks that appear positively exposed to the same forces behind Circle’s trust bank charter and explains what that could mean for their risk and opportunity profiles.
Inter & Co (INTR)
Overview: Inter & Co is a Brazil based digital financial group that brings together banking, cards, lending, investments, insurance and an online shopping marketplace on a single platform for customers in Brazil and the United States.
Operations: Inter & Co generates most of its roughly R$6.3b in revenue from Banking & Spending (about R$5.2b), with smaller contributions from its Inter Shop marketplace, other services, investments and insurance brokerage, almost entirely in Brazil.
Market Cap: US$2.46b
Inter & Co sits at the crossroads of digital banking and crypto infrastructure, with its US and Brazil platforms aimed at low friction payments, cross border accounts and higher margin products like insurance and investments. The recent Miami branch approval and move to issue its own cards reduce reliance on partner banks, which could matter more as regulators give a clearer framework for digital assets after Circle’s trust bank approval. At the same time, the stock is priced on a single digit P/E and analysts see strong earnings and revenue growth. Investors need to weigh that against a high level of bad loans and modest forecast returns on equity, along with the competitive and credit risks that come with rapid expansion.
Inter & Co’s single digit P/E and growing product mix suggest the stock’s story may be more about mispriced earnings than pure fintech hype, but the real twist shows up in the 4 key rewards and 2 important warning signs
Triumph Financial (TFIN)
Overview: Triumph Financial is a Dallas based financial holding company that combines traditional banking with freight focused factoring, payments and data services, providing loans, deposits and digital tools to trucking carriers, brokers and other business customers across the United States.
Operations: Triumph Financial generates most of its approximately US$442m in revenue from Banking excluding Payments (about US$230m) and Factoring (about US$125m), with the remainder coming from Payments (about US$69m), Intelligence and Corporate and Other, all in the United States.
Market Cap: US$1.78b
Triumph Financial operates at the intersection of freight finance, payments infrastructure and data, which is why Circle’s OCC trust bank approval may be relevant to its business model. As regulators start to formalize how digital money moves through the system, Triumph’s focus on trucking payments, TriumphPay and freight intelligence could influence the value of its network and data set to carriers and brokers that want faster, more reliable settlement and, potentially, integration with crypto rails. At the same time, the stock trades on a relatively high P/E multiple and the business is closely tied to the health of the trucking cycle, so changes in freight volumes or technology investment outcomes could affect earnings. A key consideration for investors is how much of these potential opportunities and risks may already be reflected in the current share price.
Triumph Financial’s freight focused network and payments platform could be masking more potential than the current P/E suggests, and the real tension between opportunity and trucking cycle risk shows up clearly in the 2 key rewards and 1 important warning sign
Nu Holdings (NU)
Overview: Nu Holdings is a São Paulo based digital bank that offers app based accounts, cards, payments, lending, investing, insurance and travel and mobile services to consumers and small businesses across Brazil, Mexico, Colombia and a few other markets.
Operations: Nu Holdings generates about US$7.6b in revenue from Banking, with most revenue coming from Brazil at roughly US$12.3b, and smaller contributions from Mexico and other countries.
Market Cap: US$65.0b
Nu Holdings is often highlighted in crypto infrastructure themed investing because it operates a large digital banking platform in Latin America and is experimenting with products such as NuCrypto and AI driven credit tools like NuFormer. Earnings are forecast to grow more than 20% a year, ROE is currently above 25% and profit margins are above 40%. At the same time, the stock carries bank related risks, including a 7.9% bad loan ratio and the need to meet tougher banking license rules in Brazil, Mexico and the U.S. For investors evaluating how a mix of high growth, credit risk and potential crypto rails integration might shape Nu Holdings over the next few years, these dynamics are a central part of the story.
Nu Holdings’ mix of high growth, strong current profitability and early crypto rails experiments has many investors focused on the upside while underestimating how forecasts and credit risk could interact over time. This is why the analyst forecasts for Nu Holdings might change how you see the story’s next chapter.
The three crypto infrastructure stocks discussed here are just a starting point, and the full Crypto Infrastructure Stocks screener surfaces 40 more companies across the US, UK, Canada and Australia with equally compelling narratives around stablecoins, custodial services and trust banking. Use Simply Wall St to identify, filter and analyze the specific catalysts and storylines that matter to you so you can focus on the opportunities in this theme that best match your own level of conviction.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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