Circle stock, behind the USDC stablecoin, has been a market favorite since its IPO. With billions flowing into programmable finance, a major Wall Street endorsement suggests the rally is far from over. The stock soared 168% on its first day, reaching a staggering 500% increase from its IPO level.

Circle’s core business extends beyond stablecoins to digital finance infrastructure. Backed by U.S. Treasuries, it recently introduced a euro-pegged stablecoin, EURC. CEO Jeremy Allaire’s advocacy for stablecoin regulation gained traction with the passage of the GENIUS Act, boosting the stock over 20%.

Citi initiated coverage of Circle stock with a Buy rating and a $243 price target. Analysts foresee stablecoins going mainstream, with Circle leading the charge in programmable payments. The firm highlighted Circle’s positioning in the stablecoin space and its potential as a primary platform for digital payments.

Wall Street’s seal of approval is evident with BlackRock owning 10% of Circle. The stablecoin market has crossed $250 billion in circulation, with analysts forecasting double-digit compound annual sales growth. If Circle can scale its fee revenue and yield income, strong growth is expected in the future.

Read more at Yahoo Finance: Wall Street pro drops bold price target on Circle stock