Circle Internet Group CRCL stock surged Friday after Seaport Global analyst Jeff Cantwell initiated coverage with a Buy rating and a $235 price forecast.

Cantwell sees continued upside with a $235 price forecast, even after a recent rally initially spurred by its IPO and then significantly boosted by the Senate’s approval of the landmark GENIUS Act for stablecoin regulation.

Circle stands out as a top-tier crypto disruptor, poised for substantial future growth, per Cantwell.

Also Read: Circle Stock Rockets 540%: Cathie Wood Says ‘We’ve Just Begun’

The analyst expects its flagship stablecoin (USDC) to grow rapidly, backed by an improving regulatory climate in the U.S. regarding crypto.

He expects a surge in stablecoin adoption and usage by consumers and businesses. Cantwell expects the stablecoin ‘market cap’ to reach $500 billion by 2026 and $2 trillion in the longer term.

As per the analyst, DeFi, cross-border payments, and e-commerce can all potentially go parabolic in terms of stablecoin adoption globally.

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Cantwell expects Circle to maintain its approximately 25% market share and potentially increase it, driven by its continued progress both domestically and internationally.

The analyst projected fiscal 2026 revenue of $3.5 billion and EPS of $1.56. According to the analyst, Circle has always been at the vanguard of the crypto industry in terms of regulation and compliance.

He termed the Circle Payments Network (CPN) a catalyst for Circle because it offers a potential disruptive service in supplier payments, remittances, and payroll.

Cantwell expects CPN’s eventual emergence to add to Circle’s momentum with USDC and help drive further growth in Circle. Cantwell projected second-quarter revenue of $653.8 million and EPS of $0.28.

Price Action: CRCL stock is trading higher by 22.7% to $244.83 at last check Friday.

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