Latest news with #CircleInternetGroup
Bloomberg
11 hours ago
- Business
- Bloomberg
Circle Applies for US National Trust Bank Charter After Mega IPO
On the heels of its blockbuster IPO, stablecoin issuer Circle Internet Group Inc. said it is seeking to create a national trust bank in the US. Such a charter, which requires approval from the US Office of the Comptroller of the Currency, would allow Circle to act as a custodian for its own reserves.
Business Wire
12 hours ago
- Business
- Business Wire
Circle Applies for National Trust Charter
NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL), a global financial technology company and stablecoin market leader, has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A. If approved, First National Digital Currency Bank, N.A. would be authorized to operate as a federally regulated trust institution, subject to OCC oversight, and would oversee the management of the USDC Reserve on behalf of Circle's U.S. issuer. An approval would also further strengthen the infrastructure that supports the issuance and circulation of USDC – the world's largest regulated payment stablecoin – and would offer digital asset custody services to institutional customers. A federally regulated trust charter would also help Circle meet expected requirements under the proposed GENIUS Act legislation, which would represent a meaningful step forward in integrating digital assets into the broader U.S. financial system. 'Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible,' said Circle Co-Founder, Chairman and CEO Jeremy Allaire. 'By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure. Further, we will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar, and support the development of crucial, market neutral infrastructure for the world's leading institutions to build on.' Circle's OCC application builds on the company's global track record of being first to seek key licenses and authorizations in multiple jurisdictions. In 2015, the company secured the very first NYDFS BitLicense and remains committed to working with NYDFS, the leading digital asset regulator in the U.S. In 2024, Circle became the first global stablecoin issuer to comply with the European Union's landmark Markets in Crypto-Assets (MiCA) regulatory framework. Most recently, in April of 2025, Circle received in-principle approval from the Financial Services Regulatory Authority of the Abu Dhabi Global Market to operate as a money services provider. About Circle Internet Group, Inc. Circle (NYSE: CRCL) is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is building the world's largest, most-widely used, stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins. Circle provides a comprehensive suite of financial and technology services that empower enterprises and developers to integrate stablecoins and blockchains into their products, services and business operations. Visit for more information.
Yahoo
15 hours ago
- Business
- Yahoo
Wall Street Analysts Are Divided on Circle Stock After Blockbuster IPO
Several Wall Street analysts on Monday launched coverage of Circle Internet Group, following the stablecoin issuer's initial public offering earlier this month. Analysts from Bernstein put a $230 price target on the stock, calling Circle a "long term must-hold as a stablecoin category leader." Other analysts from JPMorgan and Goldman Sachs were more cautious, raising concerns about its current Wall Street analysts on Monday launched coverage of Circle Internet Group (CRCL), following the stablecoin issuer's initial public offering earlier this month. Bernstein analysts were among the most bullish with an "outperform" rating and $230 price target, calling Circle a "long term must-hold as a stablecoin category leader and for investors wanting to be exposed to Circle's long-term transformative payments' story." Other brokers were more cautious, as analysts from Goldman Sachs and Oppenheimer issued neutral ratings. Goldman put an $83 price target on the stock, implying an over 50% decline from Circle's intraday price near $183, while Oppenheimer did not provide a target. Goldman analysts said they "view CRCL's business and growth attractively, but valuation appears elevated." Oppenheimer analysts, meanwhile, said they have a "very favorable view" of Circle's business, but recommend "investors wait for a better entry point" like future legislation milestones or quarterly reports. JPMorgan analysts were more bearish, with an "underweight" rating and $80 price target, citing similar concerns the stock may be overvalued. Circle made its debut on the market earlier this month, and shares have surged nearly 500% from their IPO price of $31. Shares more than doubled in value their first day of trading, and rallied to a peak of $263 last week as Congress made progress on passing stablecoin-related legislation. Circle's success could also speak to strong demand for new crypto-related listings, with more on the way. The Winklevoss twins' Gemini and Peter Thiel-backed Bullish reportedly filed earlier this month for their own debuts. Read the original article on Investopedia
CNA
17 hours ago
- Business
- CNA
Wall Street analysts split on Circle after blockbuster IPO on lofty valuation concerns
Wall Street brokerages had mixed recommendations on stablecoin issuer Circle Internet Group as they began coverage on Monday, with some analysts expressing concerns about its elevated valuation after the stock more than doubled since its market debut. The New York-based company's shares were up 4 per cent in choppy early trading. Circle debuted this month at $69 per share in the first major IPO by a stablecoin issuer. The blockbuster flotation represents the biggest crypto listing since Coinbase's 2021 debut. The company had priced its IPO at $31 per share. J.P. Morgan, Citigroup and Goldman Sachs were the lead underwriters for the offering. After the industry-mandated quiet period expired, Barclays, Bernstein, Canaccord Genuity and Needham launched coverage with the equivalent of 'buy' ratings and price targets above $200 betting on the rapid global adoption of stablecoins as they gain traction, positioning themselves to become integral to the traditional financial ecosystem. "CRCL is building a market-leading digital dollar stablecoin network, with a strong regulatory edge, liquidity headstart and marquee distribution partnerships. This is hard to replicate, in our view," Bernstein analysts said in a note. 'SWITZERLAND' OF STABLE COINS Circle is a blockchain infrastructure company best known for issuing USD Coin (USDC), a fully reserved, U.S. dollar-backed stablecoin used across crypto trading, payments, and decentralized finance. "Circle's strategic positioning as the "Switzerland" of stablecoins makes it a standout for long-term success," Canaccord analysts said. In June, the U.S. Senate passed the GENIUS Act with bipartisan support, marking a watershed moment for the digital asset industry by establishing the first federal regulatory framework for stablecoins. "CRCL is one of the only ways for public investors to play the blockchain infrastructure theme, and we believe stablecoins are nearing a pivotal turning point," Barclays noted. LOFTY VALUATIONS A CONCERN However, J.P. Morgan and Goldman Sachs pointed to the stock's elevated valuation, given its rapid rise since the IPO. J.P. Morgan started coverage with the most bearish view on Wall Street - an 'underweight' rating with a price target of $80, implying a downside of 56 per cent from the stock's last close of $180.43. "We view CRCL's business and growth attractively, but valuation appears elevated," said Goldman, as the brokerage started coverage with 'neutral' and $83 price target. As of last close, shares of Circle have sky-rocketed 161 per cent since their market debut. "While we see potential for strong long-term industry adoption of stablecoins, the range of outcomes are very wide and likely to create substantial volatility in earnings revisions and the share price for at least the near-to-intermediate term," Deutsche Bank analysts added. Below are brokerage ratings and price targets on Circle: Brokerage Rating PT Underweight $80 Goldman Sachs Neutral $83 Deutsche Bank Hold $155 Oppenheimer Perform NA Barclays Overweight $215 Bernstein Outperform $230 Canaccord Genuity Buy $247 Needham Buy $250
Bloomberg
18 hours ago
- Business
- Bloomberg
Circle's Wild 490% Jump Draws Sell Rating From Bank That Led IPO
Stablecoin issuer Circle Internet Group Inc. has surged more than five-fold since its initial public offering earlier this month, but analysts at lead underwriter JPMorgan Chase & Co. say that the rally has gotten out of hand. 'We see competition as a potential threat to Circle,' JPMorgan's Kenneth Worthington wrote in a note initiating coverage on the company at underweight. He also assigned the lowest price target on Wall Street, $80, implying a nearly 60% drop in the stock.
