Circle Stock (CRCL) Soars on JPMorgan’s Double Upgrade, Fueled by USDC Stablecoin Dominance

Circle Internet Financial (CRCL) shares experienced a significant surge following a rare double upgrade from JPMorgan Chase, shifting the stock rating from 'underweight' to 'overweight' and setting a new price target of $100. This bullish stance comes despite CRCL's 72% decline from its June peak, with shares currently trading at $83.

Analyst Kenneth Worthington highlighted Circle's leading position in the stablecoin market through USDC as a major growth driver. The report predicts substantial expansion for dollar-pegged cryptocurrencies, driven by increasing institutional adoption. JPMorgan's optimistic outlook contrasts with recent market skepticism, as CRCL fell 16% post-earnings amid concerns over its post-SPAC volatility.

Circle's journey in the public market has been turbulent, reaching nearly $300 before a sharp downturn. However, the upgrade signals Wall Street's recognition of the value in infrastructure players that connect traditional finance with the crypto ecosystem. 'Stablecoins like USDC are evolving beyond mere settlement tokens,' remarked one trader. 'They’re now foundational to applications ranging from remittances to algorithmic trading.'