William Blair analyst Andrew Jeffrey initiated coverage of Circle Internet (CRCL) with an Outperform rating and no price target The firm expects USD coin to “catalyze a seismic shift” in cross-border business-to-business finance. As the issuer of USD coin, Circle will be the primary beneficiary of stablecoin commercialization outside the crypto ecosystem, the analyst tells investors in a research note. The firm says the company current model is “simple and evolving.” Circle generates yield from USD coin and pays a portion as distribution fees to partners, notes Blair. The firm considers Circle as “one of a few high-quality crypto infrastructure plays.” The analyst sees the stock growing into its valuation as USD coin commercialization accelerates.
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