Remitly Global stock dropped 33% but still has strong growth potential compared to competitors.

Remitly Global (NASDAQ: RELY) stock has dropped by 33% due to concerns over stablecoins and remittance taxes. Despite these challenges, the company maintains a strong value proposition compared to competitors. Remitly’s growth in remittances is outpacing the industry, with revenue compounding at a 57% annual rate since 2019. The company’s revenue has reached $1.36 billion, with expectations to exceed $1.5 billion this year. With strong unit economics and potential for future growth, Remitly stock presents a compelling investment opportunity for long-term investors looking for multibagger returns.

Read more at Nasdaq.: Could Buying Remitly Global Stock Today Set You Up for Life?