Shares of Circle Internet Group (CRCL) are surging today after investment firm Mizuho (MFG) upgraded the company behind the USDC (USDC-USD) stablecoin from Sell to Hold. The change comes as activity on Polymarket, a prediction market platform that settles bets in USDC, has increased sharply. As a result, analysts now see it as an important driver for USDC adoption.
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Interestingly, four-star analyst Dan Dolev had previously pointed to weak USDC distribution, falling interest rates, and tough competition from Tether’s USDT (USDT-USD) as reasons for the Sell rating. Indeed, those factors were expected to limit Circle’s growth and pressure the stock. However, the quick rise of USDC usage on Polymarket has changed how Mizuho views Circle’s near-term outlook. Dolev noted that Polymarket is now showing annualized trading volumes of around $50 billion in early 2026, more than three times its level in 2025.
At that pace, he estimates that Polymarket alone could support roughly 25% upside in USDC’s total market value. He also sees potential for even more growth, given the wide range of prediction markets available, from major sports events like the Super Bowl and Olympics to unconventional questions such as whether Jesus will return before 2027. Based on this momentum, Mizuho raised its price target on Circle from $70 to $77.
Is CRCL Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CRCL stock based on 10 Buys, four Holds, and two Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average CRCL price target of $144.14 per share implies 92.2% upside potential.
