Circle initiated with an Overweight at Barclays

Barclays analyst Ramsey El-Assal initiated coverage of Circle (CRCL) with an Overweight rating and $215 price target The firm views Circle as “one of the only ways for public company investors to play the theme” as blockchain technology is integrated into the traditional financial ecosystem, the analyst tells investors. Circle operates one of the largest stablecoin networks in the world, anchored around USDC, the company’s 1:1 reserve-backed U.S. dollar denominated payment stablecoin, notes the analyst, who argues that a “steady drumbeat of stablecoin-related news should send shares higher.”