What Analysts Are Saying About Circle Internet (CRCL) Stock in March 2026

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TLDR

  • Mizuho increased its price target for Circle Internet Group (CRCL) from $100 to $120, keeping a Neutral rating.
  • USDC’s trading volume exceeded Tether’s (USDT) for the first time since 2018, hitting a 64% share versus a 30% historical average.
  • Bernstein retained its Outperform rating and $190 price target, citing accelerating stablecoin adoption.
  • CRCL stock is up roughly 49% year-to-date, trading around $114–$118 after more than doubling from a February low near $50.
  • USDC’s market cap has grown 72% year-over-year to approximately $75–$78 billion, now available on 30 blockchain networks.

Circle Internet Group has emerged as one of Wall Street’s standout performers in early 2026. The stock has risen about 49% since the start of the year, outpacing the flat S&P 500 and the declining Nasdaq 100. This upward trend has drawn fresh analyst attention and sparked questions about how much further it can climb.

Circle Internet Group, CRCL
CRCL Stock Card

On Thursday, Mizuho lifted its price target for CRCL from $100 to $120 while holding onto its Neutral rating. The firm pointed to a sharp improvement in USDC’s market position as the main driver behind the adjustment.

USDC’s trading volume has now surpassed Tether’s USDT for the first time since 2018, capturing a 64% volume share. This compares to an average of around 30% between 2019 and 2025—marking a significant shift in the stablecoin market.

Mizuho also updated its 2027 projections. The firm raised its forecast for meaningful wallets from 10 million to 11.7 million, and bumped its USDC market cap estimate from $123 million to $139 million. EBITDA estimates were lifted from $922 million to $1,119 million.

The firm credited USDC activity trends and emerging use cases — including prediction markets like Polymarket and agentic commerce — as key drivers of the improved outlook.

Still, Mizuho has lingering concerns. The analyst flagged lower medium-term interest rates and growing competition as ongoing overhangs for the stock. While the near-term picture looks positive, those risks have not dissipated.

Bernstein Sets $190 Target

Bernstein SocGen Group takes a more bullish stance. The firm reaffirmed its Outperform rating and kept its $190 price target unchanged. Based on CRCL’s recent trading around $118, this implies roughly 60% upside from current levels.

Bernstein’s case centers on the pace of stablecoin adoption, particularly in the U.S. following the GENIUS Act — legislation passed in 2025 that established a federal regulatory framework for stablecoins, covering reserve backing, disclosures, and oversight.

This regulatory clarity has helped Circle build credibility with traditional financial institutions. BlackRock manages the Circle Reserve Fund, BNY Mellon serves as a primary custodian for USDC reserves, and Circle has secured investments from both Fidelity and Goldman Sachs.

The stock has also decoupled from broader crypto market moves, which have faced pressure since late 2025 following a major leveraged liquidation event. CRCL rebounded from a low near $50 in early February and has more than doubled since.

USDC Expansion Spurs Analyst Adjustments

USDC’s market cap has grown 72% year-over-year to around $75–$78 billion. The stablecoin now operates across 30 blockchain networks and holds roughly one-quarter of the global stablecoin market share.

Not all analysts agree on valuation. Needham cut its price target from $190 to $130, citing lower forecasted interest rates and headwinds to USDC supply growth tied to a broader crypto pullback. H.C. Wainwright maintains a Neutral rating at $85, stating it wants to see sustained USDC market cap growth and clearer guidance on the Fed’s 2026 rate path before revisiting its stance.

InvestingPro data shows four analysts have recently revised earnings upward. The company is expected to turn profitable this year, though its current gross profit margin sits at 8.67%.

According to InvestingPro data, four analysts tracking the stock have upwardly revised earnings in recent weeks.