Wall Street is starting to warm up to the stablecoin infrastructure trade. TD Cowen analyst Bryan Bergin initiated coverage of Circle Internet Group (NYSE: CRCL) on August 3 with a Buy rating and an $82 price target, implying roughly 31% upside from where the stock was trading at the time, around $62.61.
From reserve income to revenue machine
Circle built its early business on a simple model: issue USDC, hold the reserves in short-term Treasuries, collect the interest. Bergin’s note argues Circle is actively moving past that dependency. The company’s last twelve months of revenue hit $2.86 billion, up 51% year over year. That growth is coming not just from USDC float income but from a growing slate of fee-based products including CPN, CCTP, USYC, StableFix, and developer services.
TD Cowen projects USDC circulation will grow at a 31% compound annual growth rate through 2030.
Circle’s IPO story is already complicated
