COCA, a stablecoin-native banking challenger, reached a fully diluted valuation above $1.000 billion following a price surge in its native token, $COCA. The company and media outlets flagged the milestone on 19 jan, citing accelerated user growth and an early revenue run rate that investors used to justify the valuation.
According to company press releases today, COCA reported an Annual Recurring Revenue (ARR) run rate above $3 million after roughly nine months of operation. The platform’s Monthly Active Users (MAU) rose by about 694% since mid-2025, and card issuance expanded more than 250% quarter-over-quarter, serving a community exceeding 1.000.000 users.
While press materials presented the FDV move as evidence of maturation, parts of the online community — including commentary collected on fintech forums — expressed skepticism that the valuation reflects fundamentals rather than market sentiment.
These metrics underpin the company’s argument that real-world payment flows, not only token trading, are driving value.
Tokenomics, distribution and market reception
COCA introduced its “Only Up!” tokenomics in August 2025, which the company frames as a mechanism to encourage long-term holding. The tokenomics schedule prevents new token releases until 1 of december, a date that will test whether the valuation can decouple from short-term price momentum.
Market context in the press framed COCA’s milestone against a broader stablecoin sector that the company cited as commanding significant institutional interest and large aggregate market capitalizations in early 2026. That backdrop helped position COCA as a utility-oriented entrant rather than another purely speculative token.
For participants and risk managers, the key questions are whether COCA’s payment and card flows can sustain ARR growth and whether the frozen token supply through december will reduce volatility or merely postpone redistribution pressure. If operating revenue continues to scale alongside user engagement, COCA’s valuation will look more defensible; if not, price will remain sensitive to market sentiment.
