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- Mizuho upgrades Circle’s shares, anticipating Polymarket’s growth in USDC.
- Polymarket’s expansion could boost USDC market cap and Circle shares.
- Mizuho predicts continued success for Circle driven by Polymarket growth.
Mizuho Securities has upgraded its outlook for Circle Internet Group (NYSE: CRCL), citing the growing popularity of Polymarket as a key driver of the company’s growth. Analysts Dan Dolev and Alexander Jenkins recently reported that Polymarket would directly affect demand for USDC, the stablecoin launched by Circle, since all bets on the platform are paid out in USDC. The analysts estimate that the momentum in prediction markets will last until 2026, further expanding USDC’s market cap and generating more revenue for Circle.
It is a strong turnaround for Mizuho, which had lowered its price target for Circle shares back in November. The company then expressed concerns about USDC adoption, setting a price ceiling at $70. Nonetheless, Mizuho has now upgraded Circle’s shares to a “neutral” rating, and the price target has been raised to $77, as Polymarket has emerged.
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Polymarket’s Role in USDC Growth
The rise of Polymarket is regarded as one of the drivers of the increasing demand for USDC, as it attracts a large number of non-crypto-native users through event-based trading. This new inflow of external users has been driving incremental demand for USDC. Mizuho highlighted that, with Polymarket’s continued growth, especially in re-establishing access to the U.S., it could add billions to USDC’s market cap, further driving Circle’s growth.
Another significant point mentioned in the report was the astonishing increase in USDC’s market capitalization, which almost doubled from approximately $30 billion at the beginning of 2024 to over $60 billion in March 2025. By 2025, the USDC supply had increased to about $75 billion, driven by regulatory certainty and institutional adoption. The contribution of Polymarket to this growth has become more visible, and its continued rise is likely to drive significant adoption of USDC.
Circle has enjoyed significant returns with its shares rising over 3.5 percent on Wednesday, and the stock was trading at approximately $72.50. Polymarket continues to be an essential force in the expanding crypto market, despite the Commodity Futures Trading Commission (CFTC) examining it in 2022, which has driven increased use of USDC.
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