Bitwise says Circle could benefit from stablecoin growth

• Bitwise said Circle may be undervalued as the stablecoin market expands.
• The firm believes stablecoins could grow into a multi-trillion-dollar market.
• The view reflects growing interest in stablecoin adoption and digital payments.

Bitwise said Circle Internet Group may be undervalued as the stablecoin market continues to grow.

The firm said the market may not fully reflect the company’s exposure to long-term stablecoin adoption.

Bitwise analyst Matt Hougan said stablecoins could become a multi-trillion-dollar market over time.

The firm said Circle’s role in the stablecoin market could benefit from wider use of digital payments and blockchain-based financial services.

Bitwise said future growth will depend on regulation, adoption and competition across the stablecoin industry.

Circle issues USDC (CRYPTO:USDC), one of the largest stablecoins used for payments, trading and digital finance.

Stablecoins are increasingly being used for payments, settlements and cross-border transactions across financial and crypto networks.