Citi Initiates Buy on Circle Internet Group (CRCL), Sees Price Target on Stablecoin Growth Potential

Circle Internet Group (NYSE:CRCL) ranks among the 20 best fast growth stocks to invest in. On June 30, Citi began coverage of Circle Internet Group (NYSE:CRCL) with a Buy rating and a $243 price target. The firm attributed its optimistic outlook for the company in large part to Circle’s potential to become a prominent facilitator of stablecoin adoption.

Although stablecoins provide small gains in speed, cost, and transparency for a variety of payment methods, Citi pointed out that the main technological benefit that could lead to the introduction of new payment use cases is their programmability.

The firm cited a number of reasons for its bullish outlook, including legislative momentum, a “winner takes most” market structure, a sizable addressable opportunity, scarcity value, and Circle’s substantial operating leverage potential.

Circle Internet Group (NYSE:CRCL), also known as Circle, is a peer-to-peer payments technology company that currently manages USDC, a cryptocurrency whose value is based on the US dollar.

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