Bitwise Head of Research Ryan Rasmussen expects the stablecoin market to grow from roughly $300B to $3T-$5T, with Circle well positioned to benefit from regulation and its existing market share as it expands from a stablecoin leader into a broader payments platform, CoinDesk reports.

Rasmussen says investors are underestimating Circle, and that “I think we’ll look back five years from now and Circle will be not only a stablecoin giant, but a payment giant.” Shares of Circle are up 7% to $71.76 in morning trading.