Remitly is expanding its payments platform to include stablecoin services, despite a recent drop in its stock price. The company is addressing the threat posed by stablecoins to its cross-border payment fees by introducing new products for its 8.5 million active customers, including a digital wallet and using stablecoins for remittance transactions. This move is expected to drive more customer adoption and reduce operating costs for the company. Last quarter, Remitly saw impressive revenue growth of 34% year-over-year to $412 million, with positive net income of $6.5 million. The company continues to gain market share in the remittance payments industry, with revenue from outside North America growing close to 100% year-over-year to $350 million. Despite this growth, investors are undervaluing Remitly stock due to stablecoin disruption concerns and recent immigration changes in the U.S. However, with its strong growth potential and gross profit margins of 58%, Remitly is positioned for significant future success. The stock is considered undervalued at its current price of $19 per share, with room for further growth and profitability in the coming years.

Read more at Yahoo Finance: Huge News For Remitly Global Investors