London-based stablecoin challenger bank COCA has officially entered the three-comma club. Following a significant price rally, the $COCA token has surpassed the $1.50 mark, pushing the project’s fully diluted valuation (FDV) above $1 billion.
The milestone marks a pivotal moment for the decentralized finance (DeFi) sector, signaling a shift in investor interest toward platforms that bridge the gap between stablecoins and everyday retail banking.
Fundamentals Over Speculation
While many crypto valuations are driven by hype, COCA’s ascent to unicorn status appears to be backed by aggressive growth metrics. According to the company’s latest announcement, the valuation reflects a surge in real-world usage rather than mere market speculation.
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The platform reported an Annual Recurring Revenue (ARR) run rate of over $3 million just nine months after launch. This revenue is primarily generated through payment processing, debit card usage, and core banking activities, a trajectory that is notably rapid for a non-custodial financial platform.
From Niche App to Primary Bank
COCA’s ascent to a $1 billion valuation is underpinned by growth metrics that far outpace the broader fintech sector, signaling a major shift in how retail users interact with digital assets. The platform has successfully transitioned from a niche DeFi tool to a mainstream financial hub, evidenced by a staggering 694% surge in Monthly Active Users (MAU) since mid-2025. This explosion in on-chain activity suggests that COCA has achieved genuine stickiness, moving beyond speculative retail interest to build a loyal user base that utilizes the ecosystem for daily financial operations.
The most compelling evidence of this real-world integration lies in the rapid expansion of its card program. Card issuance has skyrocketed by over 250% quarter-over-quarter, highlighting a massive appetite for stablecoin-powered liquidity in the physical world. As global users pivot away from the friction and high fees of legacy banking, COCA’s ability to bridge the gap between non-custodial DeFi and traditional retail commerce has positioned the platform as a primary financial engine for its members.
This rapid scaling is further validated by the company’s robust revenue health, a rarity in a space often dominated by vaporware. Reaching a $3 million+ Annual Recurring Revenue (ARR) run rate in just nine months marks an unusually fast trajectory for a crypto-native stack. By generating consistent cash flow through payment processing and banking activity, COCA has demonstrated a sustainable, utility-driven business model. This financial maturity justifies its new unicorn status, proving that there is deep, untapped demand for a non-custodial banking experience that prioritizes both security and seamless execution.
Tokenomics and the “Only Up!” Model
A key driver behind the price performance of the $COCA token is its unique utility-led economic model. Introduced in August 2025, the “Only Up!” tokenomics incentivize long-term holding. Users are required to stake $COCA to unlock premium banking features, enhanced rewards, and governance rights.
To maintain market stability and investor confidence, COCA has committed to a disciplined distribution schedule. No new token distributions are planned until December 1, 2026, with any future supply changes strictly governed by the community.
A Secure Path to Mainstream DeFi
COCA distinguishes itself from traditional neobanks by utilizing a fully non-custodial architecture. By leveraging Multi-Party Computation (MPC) security and biometric recovery, the platform aims to provide the security of a cold wallet with the ease of use associated with a traditional banking app.
With over 1 million users now on board, COCA’s transition to a unicorn highlights the growing maturity of the stablecoin ecosystem as it moves from niche trading circles to a primary financial tool for global users.
Source: https://beincrypto.com/stablecoin-bank-coca-1b-valuation/