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Price · 6M
$80.28
Thesis
Circle issues USDC, the second-largest dollar-pegged stablecoin, with roughly $60B+ in circulation across multiple chains. The dominant revenue line is interest earned on the short-duration Treasury reserves backing USDC, making results sensitive to both circulation and short-term rates.
Cross-Chain Transfer Protocol (CCTP) enables native USDC movement between supported chains without bridging, anchoring Circle's role in stablecoin infrastructure following its 2025 IPO.
Catalysts
- USDC circulation growth across chains and venues
- Short-term interest rates affecting reserve yield
- US and international stablecoin regulatory frameworks
- Distribution economics with exchange and wallet partners