Circle · CoinDesk
Bitwise's Rasmussen: Circle is mispriced as stablecoins head toward trillions
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’s Public Keys, Bitwise Head of Research Ryan Rasmussen said investors are underestimating Circle’s opportunity as stablecoins move toward a multi-trillion-dollar market.
Key facts
- ’s Public Keys, Bitwise Head of Research Ryan Rasmussen said investors are underestimating Circle’s opportunity as stablecoins move toward a multi-trillion-dollar market
- Closer look: Rasmussen’s thesis isn’t 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
Summary
Rasmussen expects the stablecoin market to grow from roughly $300 billion to between $3 trillion and $5 trillion. He said Circle is particularly well positioned as U.S. stablecoin regulation takes shape, with its existing market share giving it a head start. “I think we'll look back five years from now and Circle will be not only a stablecoin giant, but a payment giant,” Rasmussen said. Closer look: Rasmussen’s thesis isn’t that more stablecoins mean more reserve revenue for Circle, he sees payments infrastructure becoming a major second business.