Bitwise Head of Research Ryan Rasmussen said investors are undervaluing Circle’s long-term opportunity as stablecoins move toward a much larger market. He argued Circle could grow beyond issuance into payments infrastructure, though adoption of that infrastructure remains a key test.
Bitwise Head of Research Ryan Rasmussen said investors are undervaluing Circle’s long-term opportunity as stablecoins move toward a much larger market. He argued Circle could grow beyond issuance into payments infrastructure, though adoption of that infrastructure remains a key test.
Bitwise Head of Research Ryan Rasmussen said Circle is being underestimated by investors as the stablecoin market grows and U.S. regulation begins to take shape. Speaking on CoinDesk’s Public Keys, Rasmussen said he expects the stablecoin market to expand from roughly $300 billion today to between $3 trillion and $5 trillion.
Bitwise Head of Research Ryan Rasmussen said Circle is being underestimated by investors as the stablecoin market grows and U.S. regulation begins to take shape. Speaking on CoinDesk’s Public Keys, Rasmussen said he expects the stablecoin market to expand from roughly $300 billion today to between $3 trillion and $5 trillion.
The argument matters because Circle is not only a major stablecoin issuer, but is also trying to build payments infrastructure around stablecoin activity. Rasmussen said the market is still focused on Circle’s reserve-based business and is not fully pricing in the possibility that payments could become a significant second line of business.
Rasmussen said Circle’s existing market share gives it a head start as regulated stablecoins develop in the U.S. He described the company as well positioned even as banks, consumer companies and other incumbents prepare their own stablecoin products.
Competition is increasing, including new efforts such as OpenUSD, but Rasmussen argued that a rapidly expanding market could still allow Circle to grow while new entrants arrive. In his view, Circle’s ability to keep executing as regulation and adoption evolve will be central to whether that thesis plays out.
A major test will be Circle’s Arc blockchain, which Rasmussen described as a layer-1 network designed to support stablecoin payment activity. He said investors should watch whether Arc gains adoption and becomes integrated with traditional financial systems, as that could shape Circle’s economics over the next year.
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