Circle Receives Conditional Approval for National Digital Currency Trust Bank

Written by Emily J. Thompson, Senior Investment Analyst

CRCL.N-4.94%

Source: Businesswire

Updated: 1 hour ago

0mins

Source: Businesswire

Regulatory Milestone: Circle has received conditional approval from the OCC to establish the First National Digital Currency Bank, marking a significant advancement in its efforts to strengthen the infrastructure supporting USDC, the world's largest regulated stablecoin.
Trust Bank Functionality: The new bank will operate as a federally regulated trust bank overseeing the USDC Reserve and offering fiduciary digital asset custody services to institutional clients, enhancing Circle's competitive edge in the digital finance sector.
Compliance Strategy: Circle submitted its application in June 2025, and this approval reflects its long-standing commitment to pursuing clear and rigorous regulatory pathways globally, solidifying its leadership position in the digital asset market.
Global Expansion: Circle has not only secured regulatory approval in the U.S. but also holds various e-money and payment licenses across multiple countries, further reinforcing its status as a leading global stablecoin issuer.

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Analyst Views on CRCL

Wall Street analysts forecast CRCL stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CRCL is 157.54 USD with a low forecast of 70.00 USD and a high forecast of 280.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

16 Analyst Rating

10 Buy

4 Hold

2 Sell

Moderate Buy

Current: 88.570

Low

70.00

Averages

157.54

High

280.00

Current: 88.570

Low

70.00

Averages

157.54

High

280.00

Wolfe Research

Underperform

initiated

$60

2025-12-02

Reason

Wolfe Research

Price Target

$60

2025-12-02

initiated

Underperform

Reason

Wolfe Research initiated coverage of Circle Internet with an Underperform rating and $60 price target. Circle is the "undisputed leader" in globally regulated stablecoin, but the company now faces interest rate and competition headwinds, the analyst tells investors in a research note. Meanwhile, the shares are still trading at a premium valuation, contends Wolfe.

Goldman Sachs

Neutral

downgrade

$92 -> $80

2025-11-21

Reason

Goldman Sachs

Price Target

$92 -> $80

2025-11-21

downgrade

Neutral

Reason

Goldman Sachs lowered the firm's price target on Circle Internet to $80 from $92 and keeps a Neutral rating on the shares. Brokers and crypto stocks have dropped about 15% since mid-October despite higher forward estimates, as valuation multiples compressed sharply amid volatile equity and crypto markets, the analyst tells investors in a research note. While near-term pressure is likely to persist until markets stabilize, the group's long-term outlook remains supported by strong product innovation, large addressable markets, regulatory momentum, and continued inorganic growth, Goldman says.

Baird

David Koning

Neutral -> Outperform

upgrade

$110

2025-11-14

Reason

Baird

David Koning

Price Target

$110

2025-11-14

upgrade

Neutral -> Outperform

Reason

Baird analyst David Koning upgraded Circle Internet to Outperform from Neutral with an unchanged price target of $110. The shares have underperformed the S&P 500 by 63% since June 30 due to the lock-up expiration, which occurred on November 13, and fears of falling rates and rising distribution costs, the analyst tells investors in a research note. Baird views Circle's current valuation as reasonable given the "outstanding growth" of USDC. The lock-up overhang is now past, contends the firm.

Mizuho

Dan Dolev

Underperform

downgrade

$84 -> $70

2025-11-14

Reason

Mizuho

Dan Dolev

Price Target

$84 -> $70

2025-11-14

downgrade

Underperform

Reason

Mizuho analyst Dan Dolev lowered the firm's price target on Circle Internet to $70 from $84 and keeps an Underperform rating on the shares. The firm says its study of over 750 initial public offerings over a 20-year period "bodes poorly" for Circle Internet's share outlook. The studied companies that missed revenue expectations a year post-IPO saw an average underperformance versus the index of 10%, and Mizuho believes fiscal 2027 consensus revenue expectations for Circle are overly optimistic, the analyst tells investors in a research note. The firm says the company faces headwinds from slowing rates, the commodification of stablecoins, and rising distribution costs.

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About CRCL

Circle Internet Group, Inc. is a global financial technology company. It operates as a platform, network, and market infrastructure for stablecoin and blockchain applications and the issuer of a United States dollar-denominated stablecoin, USDC and a euro-denominated stablecoin, EURC (collectively Circle stablecoins). It provides a stablecoin network and a range of blockchain-specific software infrastructure. Its product offerings include Stablecoins, Developer Services, Integration Services, and Tokenized Funds. Developer Services develops an array of developer-ready and enterprise-grade infrastructure services that developers can plug into their own applications. It connects and integrates products, such as USDC across blockchain networks. Its Tokenized Funds are regulated yield-bearing investments for collateral use in capital markets. It also offers liquidity services, which provides institutional minting, reserving, redemption, and foreign exchange services for Circle stablecoins.

About the author

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Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.