Circle’s (CRCL) massive rally shows no signs of cooling.
The stablecoin issuer soared as much as 15% in early trading on Friday, extending its stunning post-IPO surge as Wall Street bets big on crypto’s next major disruptor.
“Circle as a top-tier crypto ‘disruptor’ with a sizeable future opportunity,” Seaport Research Partners analyst Jeff Cantwell wrote on Friday.
“On the back of an improving regulatory climate, we expect adoption globally of stablecoins such as USDC,” he added.
Cantwell initiated the stock with a Buy rating and a price target of $235 a share from Seaport Research Partners.
During mid-morning trading on Friday, Circle stock hovered near $228.
The move follows a surge of about 30% on Wednesday following the Senate’s passage of the GENIUS Act, legislation that provides a federal framework for stablecoins, which are digital tokens backed by assets, such as the US dollar.
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