Wall Street is divided over the fate of Circle Internet Group (NYSE: CRCL), the issuer of USDC and one of 2025’s most closely watched IPOs.
The conflicting takes come after a rival stablecoin’s launch triggered a sharp sell-off and a wave of conflicting analyst reactions
USDC remains the second-largest stablecoin by market cap at more than $73 billion, behind that of Tether’s USDT at $184 billion, as per CoinMarketCap. Compass Point turns cautious Compass Point upgraded Circle Internet Group to Neutral from Sell on June 30, while cutting its price target to $55 from $97. The move followed the announcement of Open USD (OUSD), a stablecoin backed by more than 140 partners.
OUSD’s network also includes Coinbase (NASDAQ: COIN), despite its existing relationship with Circle. Compass Point called the announcement bearish for Circle’s long-term payments ambitions. It noted that with CRCL trading at 32 times its 2026 estimated EBITDA, little room remains to justify the stock’s payment-opportunity premium.