Circle Mispriced as Stablecoins Approach Trillion-Dollar Milestone
Stablecoin supply has more than doubled since its 2023 lows and is accelerating toward $1 trillion in total market cap. According to Bitwise analyst Ryan Rasmussen, Circle, the issuer of USDC stablecoins, is mispriced due to investors thinking too narrowly about the company's value proposition.
Rasmussen argues that investors should consider Circle not just as a stablecoin issuer but also as an infrastructure company building out compliant payment plumbing. This shift in perspective matters because payment flows are stickier than speculative crypto trading, and Circle is positioning itself for a world where stablecoins become the default digital dollar for both retail and wholesale settlement.
Circle's recent partnerships with traditional payment processors and its expansion into markets outside the U.S. indicate that the company is building a strong foundation for future growth. However, the regulatory environment remains a critical variable, and the price tag Congress puts on stablecoin regulation will determine how quickly banks and non-bank issuers like Circle can move forward.
The payments infrastructure angle is what Rasmussen highlights as the key to understanding Circle's potential value. The company's Web3 Services platform enables businesses to accept stablecoin payments, manage on-chain treasuries, and integrate USDC into consumer apps without holding crypto themselves. This pipeline becomes more valuable as tokenized real-world assets expand.