Circle Internet Group (NYSE:CRCL): US Tiger Initiates Coverage with “Hold,” Cites Valuation Concerns

Circle Internet Group, the issuer of the USDC stablecoin, has earned a "Hold" rating from US Tiger Securities, with a price target of $200, as the firm initiates coverage on the newly public company.

First-Mover Advantage in Compliant Stablecoins

US Tiger highlights Circle's role as a first mover in regulation-friendly stablecoins, with USDC gaining traction as the leading compliant digital dollar. The firm underscores Circle's advantages:

• Strong institutional trust

• Alignment with policies such as the GENIUS Act

• Distribution support via Coinbase (NASDAQ:COIN), banking partners, and developers

These relationships create a favorable position for Circle as regulatory clarity improves, potentially enabling wider adoption of stablecoin payments and settlements.

Strategic Vision Beyond Stablecoins

Circle's broader ambitions include reshaping payments infrastructure and financial rails with blockchain-based solutions. While analysts view this vision as promising, they caution that it:

“...requires real ecosystem traction and policy clarity, both of which remain uncertain in the short term.”

US Tiger views these as long-term bets, and warns that much of the expected upside is already priced in, given the stock's rich valuation.

Valuation: Priced for Perfection?

At 59x estimated 2026 EBITDA, Circle is seen as expensive. Analysts believe the market is pricing in high expectations for:

• Regulatory success

• Institutional adoption of USDC

• A broad role in the evolving fintech ecosystem

You can track Circle's evolving financial metrics, earnings history, and valuation multiples via the Company Valuation API and Ratios (TTM) for real-time insights.

Conclusion

While Circle's position as a regulatory pioneer in the stablecoin space is commendable, US Tiger Securities is taking a balanced stance, noting that much of the upside may already be reflected in the current price.

The “Hold” rating suggests a wait-and-watch approach—investors may need to see tangible progress in adoption and monetization before valuations become more compelling.

To track Circle's performance, valuation changes, and regulatory developments in the digital currency space, follow real-time data via FMP's cryptocurrency and equity analytics.