Analysts Upgrade Circle as Stock Doubles on USDC Growth Momentum

Wall Street is turning more constructive on Circle Internet Group ($CRCL) after the stock doubled over the past month, prompting analysts to lift price targets and upgrade ratings in a fresh vote of confidence for the USDC stablecoin issuer.

Clear Street this week raised its rating on Circle to 'Buy' from 'Hold' and lifted its price target to $136 from $92, an increase of roughly 48%, according to the firm’s latest note. Mizuho also increased its target to $120 from $100, marking the second upward revision in less than two weeks after it previously moved its target to $100 from $90 on March 3 ET.

The upgrades arrive as Circle’s shares have extended a sharp rally. The stock was changing hands around $126 at the time of reporting, up more than 100% over the last month. Circle ended trading on March 14 ET at $115.38, up 1.05% on the day, though it remains about 61% below its 52-week high of $298.99—underscoring the stock’s persistent volatility.

Analysts are increasingly tying Circle’s equity story to momentum in stablecoins, a segment many investors view as one of crypto’s clearest real-world payment rails. Circle issues USD Coin (USDC), a dollar-pegged stablecoin widely used across trading venues, payments flows, and decentralized finance (DeFi) applications, and it is currently the second-largest stablecoin by market capitalization.

As of March 16 ET, USDC’s market cap stood at roughly $79.2 billion, while estimates for the broader stablecoin market place total issuance above $200 billion. That expansion narrative has strengthened expectations that 'stablecoin adoption' could translate into more durable revenue streams for the sector’s major issuers, especially if regulatory clarity continues to improve.

Circle’s recent financial results have also helped reinforce bullish revisions. In its 2025 fourth quarter, the company posted earnings per share of $0.43, well ahead of the $0.25 consensus estimate, while revenue reached $770.23 million, up 76.9% year over year—figures that analysts have cited as evidence of operating leverage as USDC circulation grows.

Still, the rally has not eliminated near-term concerns. Filings show insider selling totaling about 460,000 shares—roughly $43.97 million—over the past 90 days, and some institutional investors have trimmed positions, developments that can weigh on sentiment even when fundamentals are improving.

For now, Wall Street’s higher targets suggest analysts see room for Circle’s valuation to re-rate if USDC continues gaining share and the stablecoin market keeps expanding, though the stock’s distance from its 52-week high highlights how quickly expectations can shift in a fast-moving corner of the crypto-linked equity landscape.