A Circle Internet Group (NYSE: CRCL), the company behind USD Coin (USDC), the world’s second-largest stablecoin has endured one of the most dramatic post-IPO rollercoasters in recent memory.
Since its June 2025 debut on the NYSE at $31 per share, CRCL exploded to over $260 (peaking near $299) in a matter of weeks, fueled by hype around regulated stablecoins, the passage of favorable U.S. legislation like the GENIUS Act, and broader crypto enthusiasm.
But the euphoria didn’t last. As of February 20, 2026, the stock closed at $63.02, up modestly that day but still down roughly 79% from its all-time high. That’s a brutal correction that has left many early buyers underwater and sparked endless debates on social media about whether Circle was just another overhyped IPO destined to fade.
In my view, this sharp pullback isn’t a death knell, it’s a classic reset that creates one of the more attractive risk/reward setups in the market right now.
While flashy AI stocks continue to command sky-high valuations amid growing whispers of overvaluation and bubble risks, Circle offers something far rarer: real, tangible utility in the emerging digital economy. It’s not chasing speculative narratives; it’s building the plumbing for programmable money, cross-border payments, and potentially the entire agent-based AI future.
If you’re looking for a “utility stock” in the crypto and fintech space, CRCL at current levels looks undervalued and underappreciated.
Let’s start with the fundamentals. USDC circulation has surged impressively to around $74 billion as of mid-February 2026 (with reserves matching closely at $74 billion, heavily weighted toward short-term U.S. Treasuries and cash equivalents for top-tier transparency).
That’s more than double the $35.5 billion level from late 2024, reflecting strong organic growth despite broader crypto volatility. Tether’s USDT still dominates with over $180 billion in circulation, but it faces persistent scrutiny over reserve opacity and regulatory headaches.
Circle, by contrast, prioritizes compliance, monthly third-party audits, institutional-grade partnerships, and a cleaner image that appeals to banks, fintechs, and enterprises wary of crypto risks.
This regulatory moat is paying off. Circle has inked deals with heavyweights like Visa, Deutsche Börse, major banks, and platforms expanding into tokenized assets and real-world asset (RWA) tokenization. Its tools, Circle Mint, Programmable Wallets, and APIs, enable seamless, low-cost, 24/7 settlements that traditional rails simply can’t match.
Revenue remains tied partly to interest on reserves (a headwind if rates fall), but the company’s pivot toward fee-based infrastructure and institutional adoption positions it for more durable growth.Where things get truly exciting—and why I believe CRCL deserves serious consideration—is in the intersection with AI agents.
The hype around autonomous AI agents (software that thinks, acts, and transacts independently) is shifting from theory to reality. Leaders like Circle’s Jeremy Allaire and even Coinbase’s Brian Armstrong have pointed out that legacy payment systems are hopelessly inadequate for the high-frequency, micro-scale, machine-to-machine economy agents will demand.
Stablecoins like USDC are tailor-made: instant, programmable via smart contracts, borderless, and capable of handling tiny payments (think sub-cent API calls, data trades, or automated task bounties) without friction.Imagine AI agents collaborating on research, escrowing funds autonomously, verifying outputs, and settling in USDC—all on-chain, 24/7.
Circle is already showcasing developer tools for exactly this, and broader industry momentum (Google’s agent protocols, Stripe’s AI pushes, PayPal’s explorations) points to stablecoins becoming the default “money” for an agent economy that could generate trillions in value.
In a world where AI infrastructure stocks look frothy, Circle provides the under-the-radar financial layer that could quietly capture massive flows.
Of course, risks exist. Competition from Tether remains fierce, interest-rate sensitivity could pressure margins, and crypto’s volatility isn’t gone. Earnings are coming February 25, 2026, which could swing sentiment.
But at a ~$15 billion market cap, down from post-IPO peaks and with USDC’s circulation exploding amid regulatory tailwinds, the downside feels limited compared to the upside if stablecoins continue their march toward mainstream finance and AI integration.
Bottom line: While the market obsesses over AI darlings, Circle’s post-IPO stumble has created a compelling entry point. This isn’t a moonshot bet—it’s a grounded play on the infrastructure powering the next phase of digital money.
In my opinion, patient investors who can look past the headline volatility will be rewarded as USDC cements its role as the compliant, trustworthy bridge between TradFi, crypto, and the agent-driven future. CRCL isn’t just surviving the correction—it’s positioning to thrive.
Disclaimer: This news feature is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a qualified financial professional before making investment decisions.
Naorem Mohen is the Editor of Signpost News. Explore his views and opinion on X: @laimacha.