Mizuho upgrades Circle shares outlook citing Polymarket’s use of USDC for settlement

Mizuho Securities has upgraded its rating on Circle Internet Group (CRCL) shares to "neutral" and increased its price target to $77, reversing a previous bearish stance. This upgrade is primarily driven by the increasing popularity of the prediction market Polymarket, where all bets are settled using Circle's USDC stablecoin. Analysts believe Polymarket's growth will directly fuel USDC adoption, leading to market cap growth and incremental revenue for Circle. Mizuho noted that USDC's market capitalization has grown significantly, partly due to contributors like Polymarket, and anticipates continued expansion, especially with restored U.S. access for Polymarket, will add billions in incremental USDC market cap over the next one to two years. Circle shares were trading around $72.50 following the announcement.

(Source：The Block)