Bitwise Says Circle Is Undervalued as Stablecoins Surge
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Squaby Intelligence UnitAlgorithmic Fast-Track
Bitwise analyst Ryan Rasmussen argues that Circle is being mispriced as the stablecoin market heads toward trillions in value. He says investors may be overlooking the company’s expanding payments infrastructure and long-term role in digital finance.
✦Key Takeaways
✓- Bitwise’s Ryan Rasmussen believes Circle’s valuation does not fully reflect the company’s growth potential.
✓- He argues that the stablecoin market is still in an early expansion phase and could grow into a multi-trillion-dollar sector.
✓- Circle’s push into payments infrastructure may strengthen its position beyond being just an issuer of USDC.
✓- If stablecoin adoption accelerates, Circle could benefit from higher transaction activity, broader institutional use, and stronger network effects.
✦Market Analysis
Circle is increasingly being viewed as more than the company behind USDC. According to Bitwise analyst Ryan Rasmussen, the market is still underestimating the scale of opportunity ahead as stablecoins move from a niche crypto utility into a core piece of digital payments infrastructure.
Rasmussen’s view is that investors are pricing Circle too conservatively relative to the long-term trajectory of stablecoins. While the sector has already become one of the most important bridges between traditional finance and blockchain-based settlement, he believes the real growth story is still ahead. As more users, businesses, and financial institutions adopt stablecoins for payments, treasury management, and cross-border transfers, the addressable market could expand dramatically.
This intelligence report is generated and verified by the Squaby Algorithmic Fact-Checking Engine without manual human intervention. It strictly isolates on-chain risk vectors, market liquidity data, and OSINT sentiment streams. All data is processed for institutional clarity and educational purposes only. This content does not constitute financial or investment advice.
That thesis matters for Circle because the company is not only tied to USDC issuance, but also to the broader infrastructure layer needed to make stablecoin payments usable at scale. In other words, Circle’s value proposition may increasingly depend on its ability to serve as a financial rails provider rather than simply a token issuer.
From a market perspective, this is significant. Stablecoins have already gained traction as a trading pair, a settlement tool, and a store of dollar liquidity in crypto markets. The next phase may be driven by real-world payments, remittances, merchant adoption, and enterprise treasury flows. If that shift happens, companies with deep integration into the stablecoin economy could see stronger revenue visibility and more durable growth narratives.
Circle’s positioning also comes at a time when the broader crypto market is paying closer attention to infrastructure businesses with recurring transaction-based demand. Unlike speculative tokens that depend heavily on market sentiment, stablecoin-linked firms may benefit from actual usage growth. That makes Circle a potential beneficiary of both crypto adoption and the modernization of financial payments.
Still, the market will likely continue to debate how much of that future is already priced in. Circle’s valuation will depend on whether investors believe stablecoins are headed toward becoming a mainstream global payments layer or remain primarily a crypto-native tool. Rasmussen’s comments suggest Bitwise is leaning toward the former.
✦What's Next
The next major catalyst for Circle will likely be adoption trends across payments, fintech partnerships, and institutional stablecoin usage. If stablecoins continue to gain regulatory clarity and expand into everyday financial workflows, Circle could see its strategic importance rise alongside the market.
For investors, the key question is whether Circle can turn its current position into a lasting moat as stablecoins scale. If the market indeed moves toward trillions in stablecoin value, the companies building the rails today may be the ones capturing the most upside tomorrow.