Circle Internet Group Inc (NYSE: CRCL), the issuer of the USDC stablecoin, has seen its stock surge to around $115, a significant increase from its IPO reference price of $31. This uptick reflects strong institutional support and rising public interest, amid increasing regulatory clarity in the crypto-fintech sector.
Circle generated over $1.5 billion in revenue in 2024, primarily from interest on USDC reserves, which currently has a circulating supply of nearly $60 billion. If USDC circulation grows to between $150–200 billion in the next three to five years, Circle’s annual reserve income could reach $4–5 billion. With plans to diversify its offerings, Circle could generate an additional $2–3 billion from recurring software revenue, bringing total projections to between $6.5–8 billion in annual revenue within five years.
At the projected price of $300 per share, Circle’s market capitalization could reach between $45–50 billion, corresponding to a 40–50x price-to-earnings ratio. Key catalysts for this growth include regulatory clarity regarding stablecoins, increased institutional adoption of USDC, and successful monetization of its API offerings.
