Bitwise Analyst Says Circle is Mispriced Amid Stablecoin Growth

Market participants are significantly underestimating Circle Internet Financial as the stablecoin sector expands toward a multi-trillion-dollar valuation, according to Bitwise's Head of Research, Ryan Rasmussen.

Rasmussen noted that the broader market has yet to fully price in Circle's long-term growth prospects, particularly as the firm continues to build out its foundational payments infrastructure. Stablecoins, digital assets pegged typically to fiat currencies like the U.S. dollar, have seen rising adoption for cross-border settlements, decentralized finance, and traditional corporate treasury management.

As transaction volumes scale globally, the maturation of stablecoin infrastructure positions key issuers to capture significant value. Circle, the issuer of the USD Coin (USDC) stablecoin, remains a central entity in the expanding digital asset payments ecosystem.