Catenaa, Wednesday, February 04, 2026-Mizuho Securities upgraded Circle Internet Group shares to a “neutral” rating and raised its price target to $77, citing Polymarket’s growing use of USDC for settlement as a driver of stablecoin adoption and incremental revenue.
Analysts said the expansion of event-based prediction markets brings non-crypto users into the ecosystem, boosting demand for Circle’s USDC stablecoin.
Circle, issuer of the USD-pegged token USDC, saw its market capitalization roughly double from $30 billion in early 2024 to over $60 billion by March 2025, reaching about $75 billion by year-end.
Polymarket, which recently reopened limited US access following a 2022 Commodity Futures Trading Commission enforcement action, settles all bets in USDC, creating a direct correlation between its platform growth and Circle’s stablecoin demand.
Mizuho noted that Polymarket, together with rival Kalshi, now drives more than $10 billion in monthly trading volume, signaling potential for sustained USDC market expansion.
The analysts projected that continued growth in prediction markets over the next one to two years could add billions to USDC’s market cap and support Circle’s revenue streams.
Circle shares rose more than 3.5% on Wednesday, trading near $72.50. The stock had previously surged close to $300 following its initial public offering.
Mizuho highlighted that regulatory clarity and institutional adoption also contributed to USDC growth, but Polymarket remains a significant factor in driving incremental demand from new participants.
