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Circle, the issuer of the world’s second-largest stablecoin by market share USDC, has received its first buy rating from Seaport Global amid a stablecoin boom. The company’s shares surged over 17%, solidifying the gains made since its initial public offering (IPO) in early June.
The significant surge is attributed to the recent approval of a bill by the U.S. Senate setting specific rules for dollar-backed stablecoins. This move has increased optimism in the market regarding the growth potential it could unlock for issuers like Circle.
Seaport Global’s analyst Jeff Cantwell believes that regulatory clarity will encourage greater institutional adoption, directly benefiting companies such as Circle. The company is expected to capitalize on growing demand for regulated, stable payment solutions.
The firm has seen a remarkable 600% surge since its IPO and the market now views it as a direct competitor to traditional processors like Visa and Mastercard. These companies saw their shares decline following the passage of the bill.
Currently, Circle holds one buy rating, one hold, and no sell calls.
Source: crypto-economy.com
