TechFlow news, according to TechFlow Research, Goldman Sachs' July 5 Circle management meeting minutes show that stablecoin growth has decoupled from the crypto market cycle, with use cases rapidly expanding towards cross-border payments, consumer e-commerce, capital market settlement, and AI agent payments. USDC accounts for approximately 99% of trading volume in the x402 agent payment protocol. Circle pointed out that the trend of "digital dollarization" in emerging markets is accelerating, and USDC is becoming a tool to replace local currencies and unreliable banking systems. If the CLARITY Act passes, Circle believes it will be a catalyst rather than a hurdle, as the bill allows issuers to continue revenue-sharing incentives for distribution and encourages usage-based reward mechanisms rather than passive holding.
Circle is transforming from a stablecoin issuer into an internet financial platform, launching three product lines: Arc L1 public chain, CPN cross-border payment product, and Agentic Stack. Goldman Sachs expects revenue to increase from $1.2 billion to $2.2 billion between 2026 and 2028, with a neutral rating, a target price of $96, a current stock price of $64.62, and an upside potential of approximately 48.6%. Goldman Sachs also warned that declining interest rates will directly impact Circle's interest income, constituting a valuation risk.
