#美国终止政府关闭 Wall Street's attitude towards the stablecoin sector is undergoing a subtle shift.

JPMorgan recently adjusted the rating of USDC issuer Circle (code CRCL) from neutral to overweight, raising the target price from $94 to $100. This action itself is not considered aggressive, but the signals behind it are worth pondering.

Since its listing, CRCL has accumulated a price increase of 178%. At first glance, the upward trend is impressive, but a horizontal comparison reveals that it still has 67% of retracement space from its historical high in June of this year. To some extent, this creates an interesting dislocation: the fundamentals are improving, yet the stock price has not yet recovered.

Why are traditional investment banks starting to pay attention to these types of assets? The core logic is actually very straightforward: USDC, as a compliant framework's US dollar stablecoin, is penetrating traditional payment and settlement systems in the form of "infrastructure." Circle's financial situation continues to improve, coupled with a gradually clearer regulatory environment, which has provided Wall Street with quantifiable certainty.

From an investment perspective, the current price range (around $85-90) may present allocation opportunities. In the short term, the $100 price target set by JPMorgan implies an upside potential of over 10%; more aggressive predictions come from certain institutional analysts who believe there is a possibility of reaching $230 in the medium term—of course, this requires a dual alignment of market sentiment and performance.

The compliant stablecoin sector may welcome a revaluation cycle with the warming of policy trends and the entry of traditional finance. Can CRCL fulfill these expectations? The market will provide the answer. $BTC $ETH $SOL