OwlTing’s Nasdaq Listing
In a significant move for the Asian blockchain sector, OwlTing, a Taiwanese company specializing in stablecoin infrastructure, is set to begin trading on the Nasdaq Global Market this Thursday, October 16, under the ticker symbol OWLS. This listing marks one of the first instances of an Asian blockchain firm directly entering a major U.S. exchange.
Strategic Choice of Nasdaq
According to a statement from OwlTing, the Nasdaq was chosen due to its stringent requirements regarding financial health, governance standards, and market capitalization, which would enhance the firm’s visibility and liquidity for global investors. This endeavor positions OwlTing as a regulatory-compliant player in an industry often marked by instability, reflecting its aim to establish a responsible and enduring foundation for stablecoin operations.
Growth in the Stablecoin Market
This development occurs during a period of substantial growth in the stablecoin market. Currently, daily transactions in this sector average around $30 billion, constituting less than one percent of total worldwide money movements. However, projections from McKinsey suggest that by 2028, the market could expand to a staggering $2 trillion in circulation.
Regulatory Developments and Industry Interest
Interest in stablecoins has been escalating, especially following the introduction of new regulatory measures like the U.S. GENIUS Act, which seek to enhance the safety and transparency of digital currencies. In recent developments, Bridge, the stablecoin division of Stripe, has applied for a federal trust charter, joining notable industry players such as Circle, Paxos, Ripple, and Coinbase in their endeavor for federal banking trust approval. At the same time, a consortium of prominent global banks, including Santander, Barclays, Goldman Sachs, and UBS, has unveiled plans to investigate a stablecoin product backed by G7 currencies.
OwlTing’s Transition and Future Plans
OwlTing, founded in 2010 and based in Taipei, transitioned from its original focus on e-commerce and hospitality to concentrate on payments facilitated by blockchain technology. The company described the potential within the stablecoin arena as “immense,” highlighting that “recent global regulations are laying a robust groundwork for increased adoption.”
Through its OwlPay platform, OwlTing aims to build infrastructure around regulated stablecoins to foster their growth and position them as essential frameworks for international payment systems. In 2024, the firm reported revenues of $7.6 million—a year-on-year increase of 18%—and a remarkable gross payment volume of $218 million, reflecting a 62% rise. Additionally, the company’s hospitality division, OwlNest, serves over 2,500 clients and boasts a 108% net dollar retention rate. Despite facing net losses linked to initial listing expenses, OwlTing is optimistic about improving profitability as its stablecoin infrastructure expands and profit margins enhance.
