Circle Internet Group (CRCL), the issuer of the USDC stablecoin, was initiated with a 'Hold' rating and a $135.00 price target by Clear Street on October 21, 2025. The valuation was based on 36 times the estimated 2027 EV/EBITDA. The analyst, Owen Lau, noted that while USDC is a proven use case in the move towards a tokenized world, the company's current valuation of 49 times 2026 EV/EBITDA is considered fully valued. The firm highlighted Circle's network effect and neutral position as key differentiators in the stablecoin market. However, the report also pointed to Circle's thin gross margins and lack of profitability over the last twelve months as areas of concern. No significant market reaction to the announcement was available in the initial reports.