Circle’s USDC Keeps Climbing; William Blair Reiterates Outperform After 3Q Results
William Blair reiterated an Outperform rating on Circle after its Q3 results topped estimates, viewing USDC as the dominant stablecoin.Summary
Investment bank William Blair maintained its Outperform rating on Circle (CRCL) shares following the stablecoin issuer's third-quarter results, which surpassed both the bank's and Wall Street's forecasts. Analyst Andrew Jeffrey believes USDC is set to dominate the stablecoin market, positioning Circle at the core of the programmable money revolution, despite the stock's premium valuation and limited near-term catalysts. William Blair advises investors to use any share weakness to increase positions, arguing that USDC's scale and liquidity are difficult for rival proprietary stablecoins to match. The report highlighted progress in Circle’s infrastructure, including its orchestration layer CPN and its layer-1 blockchain Arc, which now has 100 participants and plans for a 2026 mainnet debut. Furthermore, trailing 12-month total payment volume (TPV) surged 101x to an annualized $3.4 billion, leading Circle to raise its 2025 transaction revenue guidance to $90 million–$100 million.
(Source：CoinDesk)