U.S. bank Citizens began coverage of Circle Internet (CRCL) with a market perform rating, noting that while the company is poised to capitalize on stablecoin growth, its valuation already captures much of the upside.

Circle, issuer of the second-largest stablecoin, the dollar-pegged USDC, and euro-pegged EURC, has built a broad infrastructure suite, including a payments network, cross-chain protocol and programmable wallets. It is working on Arc, a planned layer-1 blockchain, that Citizens sees as central to programmable money in payments, trading and tokenization.

Stablecoins are a type of cryptocurrency whose value is pegged to a real-world asset such as a currency or gold. They are used to transfer money and for cross border payments. Tether's USDT, the biggest, has a market cap of ab

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