Circle Internet Group received an improved outlook from Mizuho Securities. On Wednesday, the firm related the fresh traction of the cryptocurrency trading platformCircle Internet Group received an improved outlook from Mizuho Securities. On Wednesday, the firm related the fresh traction of the cryptocurrency trading platform

Circle Gets Mizuho Upgrade to Neutral with $77 Target on Polymarket Boost

2026/01/29 07:00
2 min read

Circle Internet Group received an improved outlook from Mizuho Securities. On Wednesday, the firm related the fresh traction of the cryptocurrency trading platform Polymarket with the increased demand for USDC. 

According to the report from the financial firm, the settlement system of the platform that involves the use of USDC for every bet has a measurable impact on the short-term performance of Circle.

Source: Mizuho

Mizuho Revisits USDC Adoption Outlook

The financial firm’s analysts, Dan Dolev and Alexander Jenkins, stated that the structure of the platform has a direct relationship with the circulation of USDC. The analysts said user growth on the event-trading platform is expanding USDC circulation beyond the DeFi sector.

Circle has developed USDC, the second-largest dollar-pegged stablecoin by market capitalization. The financial firm reduced the price target of Circle to $70 in November after expressing concerns over the reduced adoption of USDC. 

On Wednesday, Mizuho raised the company’s price target to $77 and upgraded Circle’s rating to neutral. The user base of the prediction markets on the platform has a fresh source of USDC that operates outside the traditional crypto markets. 

Also Read: Ethereum Developers Advance FOCIL Plan for Upcoming Hegota Upgrade

Mizuho pointed to the growth of the supply of USDC. The market capitalization of USDC has risen to more than $60 billion in March 2025, compared to $30 billion in early 2024. 

Circle Shares Rise Amid Strengthening USDC Demand

The figure later increased to about $75 billion toward the end of 2025. The analysts attribute the growth in USDC supply to regulatory clarity and institutional adoption. However, Mizuho also pointed to the role of Polymarket in the growth of the supply of USDC.

Mizuho expects the expansion of the supply of USDC, fueled by the restored access of U.S. users to the platform, to contribute billions of additional supply to the company in the next one to two years. 

The company shares were trading at $72.83 on Wednesday, increasing by more than 4%, according to Yahoo Finance data. The stock has remained lower than its high of about $300 last June when Circle went public.

Polymarket resumed limited access after the U.S. Commodity Futures Trading Commission took enforcement action in 2022. The platform, along with its major competitor, Kalshi, now produces more than $10 billion in monthly trading volume.

Also Read: Bermuda Boldly Partners With Circle and Coinbase to Build Onchain Economy

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