Circle shares have surged more than 100% over the past month, turning a business once seen as one of crypto’s more conservative corners into one of the market’s busiest trades. The rally extended on Monday, when the stock rose another 8% to $124.37. Over the same one-month period, Michael Saylor’s Strategy (MSTR) gained 23%, while Coinbase (COIN) added 8.5%, both trailing Circle’s move.
Analysts turn more constructive on the stock
The stock’s run has been matched by a shift in analyst sentiment. Clear Street upgraded Circle from Hold to Buy and lifted its price target from $92 to $136. Mizuho also raised its target, moving from $100 to $120, pointing to improving fundamentals around the company’s USDC stablecoin.
Even one of the company’s more bearish voices has softened. Compass Point analyst Ed Engel upgraded the stock in January from Sell to Neutral. According to FactSet data, the most bullish target on the Street now comes from Seaport Global, which has set a price target of $280.
Why investors are re-rating USDC exposure
Investors are increasingly viewing Circle as a central player across several digital-asset themes, from tokenized financial products to AI-driven payments. Its core product, USDC, is a digital token designed to maintain a value of $1. Running on public blockchains, it allows users to move dollars globally, settle transactions, and post collateral without relying on traditional banking rails.
Demand for stablecoins can also hold up when broader crypto markets weaken. Clear Street said that since October 2025, total crypto market capitalization has fallen by about 44%, while USDC’s market value has remained relatively stable. That gap suggests USDC is being treated less like a speculative token and more like payment and settlement infrastructure.
Rates and tokenization add to the bullish case
The macro backdrop may be helping as well. Rising tensions in Iran and higher oil prices have fueled concern that inflation could stay sticky, increasing the odds that Federal Reserve rate cuts are delayed. That matters for Circle because interest earned on reserves backing USDC represents a significant part of the company’s business. In general, higher rates support earnings for stablecoin issuers.
Another catalyst is the rapid expansion of tokenized financial assets on blockchain networks. Products tied to US Treasuries and credit funds are increasingly using USDC for subscriptions, redemptions, and settlement. BlackRock’s tokenized Treasury fund BUIDL, for example, has grown to more than $2 billion in assets since launching in 2024. Clear Street estimates the tokenized asset market has expanded from about $1.5 billion in early 2023 to roughly $26.5 billion today. “The scale of this opportunity is meaningful,” analyst Lau said.