Chime, Block, and Circle each used the quarter to make the case for where fintech’s next moat will be built.
Chime is finding a lending advantage in the direct-deposit relationship, Block is rebuilding around AI, and Circle is betting that the bigger opportunity lies in owning the infrastructure beneath stablecoins.
Investors are paying closer attention to the composition of growth: Is it diversified? Is it recurring? And will those same drivers still be powering the business a year from now?
Today's earnings can impress. The bigger test is whether the business producing them can keep delivering.
