Bitwise's Rasmussen: Circle is mispriced as stablecoins head toward trillions
Bitwise analyst Matt Hougan suggests that Circle is undervalued as the stablecoin market prepares for massive growth. The report highlights Circle's potential to expand beyond simple issuance into broader payments infrastructure via its Arc blockchain.
Why it matters
As stablecoins move toward trillion-dollar valuations, the infrastructure supporting them is becoming a critical battleground for financial technology and traditional banking incumbents.
Closer look: Rasmussen’s thesis isn’t just that more stablecoins mean more reserve revenue for Circle — he sees payments infrastructure becoming a major second business.
The competition: Banks, consumer companies and other incumbents are preparing their own stablecoins, but Rasmussen doesn’t see that as a major threat to Circle.
What comes next: Circle’s Arc blockchain could test whether the company can successfully expand beyond issuing stablecoins and into the infrastructure that moves them.
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