Circle Internet Group CRCL is benefiting from the strong adoption of the USDC stablecoin. As of Sept. 11, $72.36 billion USDCs were in circulation, rising from $65.2 billion as of Aug. 10, 2025, and $61.3 billion at the end of the second quarter of 2025.
An improving regulatory environment, including the passage of the GENIUS Act, provides a legal background to stablecoins like USDC, paving the way for more enterprise adoption. This bodes well for Circle, which has minted USDC worth $42.2 billion, up 21% year over year, in the second quarter of 2025. The company redeemed USDC worth $40.8 billion, up 17% year over year. Meaningful wallets, defined as wallets holding more than $10 of USDC, surged 68% year over year as USDC adoption continues to expand globally.
An expanding partner base that includes the likes of Binance, Corpay, FIS, Fiserv, OKX, Finastra and Fireblocks is noteworthy. Circle recently inked a partnership with Fireblocks, under which the former’s stablecoin network will complement Fireblocks’ custody and payments infrastructure tools to provide cross-border treasury and tokenization asset settlement. The partnership with Finastra now enables banks to integrate USDC settlement into cross-border payment flows. FIS and Circle are enabling U.S. financial institutions to offer their customers the option to make domestic and cross-border stablecoin payments using USDC.
These factors are expected to drive Circle’s top-line growth. In second-quarter 2025, Circle reported total revenues and reserve income of $658.1 million, up 53% year over year. The Zacks Consensus Estimate for third-quarter 2025 revenues is pegged at $686.4 million and $2.63 billion for 2025.
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Circle Faces Tough Competition
Circle faces stiff competition from the likes of Strategy MSTR and IREN Limited IREN in the cryptocurrency space.
Strategy is the world’s largest bitcoin treasury company, holding 638,460 bitcoins as of Sept. 7, 2025. The liberal policies of U.S. President Donald Trump have been a key catalyst in driving the adoption of bitcoin. Strategy now expects to achieve a bitcoin yield of 30% and $20 billion in gains, assuming thebitcoin pricehits $150,000 at the end of the year.
IREN Limited is one of the world’s lowest-cost bitcoin miners, achieving 326% year-over-year hashrate growth in the third quarter of fiscal 2025. IREN Limited is expanding its GPU fleet with the purchase of an additional 4.2k Blackwell B200 GPUs from NVIDIA, which doubled its total fleet to approximately 8.5k NVIDIA GPUs.
Share Price Performance, Valuation & Estimates
Circle shares have declined 4.8% in the past month, underperforming the broader Zacks Finance sector’s return of 2.5%.
CRCL Stock’s Performance
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The CRCL stock is trading at a premium, as suggested by the Value Score of F.
The Zacks Consensus Estimate for 2025 earnings is pegged at a loss of $2.13 per share, significantly wider than the 3 cents of loss over the past 30 days.
Circle Internet Group, Inc. Price and Consensus
Circle Internet Group, Inc. price-consensus-chart | Circle Internet Group, Inc. Quote
Circle currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
