On the opposite end of the spectrum, Jeff Cantwell of Seaport Research Partners has a Buy rating on Circle and a $280 price target. That’s the second-highest on Wall Streeet. Cantwell disagrees with Mizuho’s Dolev and isn’t worried about more competition, citing Circle’s “first-mover advantage.”

For the quarter, average circulation of USDC was up 86% over the year ago period, but the company's reserve return rate of roughly 4.1% was down 103 basis points from Q2 2024. The main problem I have with Circle currently is its distribution costs,