Bitwise’s Rasmussen says Circle is mispriced amid stablecoin growth

Circle Internet Financial, the company behind the USDC stablecoin, has taken a beating since its public debut. Shares dropped roughly 17-20% following regulatory jitters about potential stablecoin yield restrictions. Ryan Rasmussen, Head of Research at Bitwise Asset Management, thinks the market is getting this one wrong. Rasmussen and Bitwise CIO Matt Hougan have laid out a case that Circle could reach a $75 billion market capitalization by 2030. That projection rests on what they describe as conservative assumptions about stablecoin adoption, a market they expect to swell to somewhere between $1.9 trillion and $2 trillion within the next several years. The bull case in numbers Bitwise’s analysis maps out Circle’s revenue potential across several scenarios. In a $1 trillion stablecoin market, Rasmussen estimates Circle could generate roughly $10 billion in annual revenue. Scale that market to $5 trillion, and the figure climbs to approximately $50 billion. Circle currently commands a meaningful share of the stablecoin market, with USDC supply sitting at around $62 billion as of shortly after its IPO in June 2025. Bitwise’s model assumes Circle captures about 25% of the total stabl...