I noticed a quite interesting story in the market. Over the past month, Circle's shares have grown more than twofold, and this is no longer just a rise — it has become one of the most discussed positions in the crypto investment community. Honestly, it looks like a revolution in how people view stablecoins.

It all started when analysts suddenly changed their ratings in unison. Clear Street upgraded from Hold to Buy, raising the target price from $92 to $136. Mizuho also shifted its target price from $100 to $120. Even the most well-known skeptic, Ed Engel from Compass Point, gave in and changed his stance from Sell to Neutral. This is not just a price movement — it’s a reevaluation of the entire sector.

Why such a turn? I see several factors coming together. First, macroeconomics. If interest rates remain high for a long period, that’s great for Circle. The company earns a significant portion of its revenue from interest on reserves backing USDC. Geopolitical tensions and rising oil prices only reinforce this scenario — inflation could stay higher, meaning higher interest rates.

But the main thing isn’t just interest. Over the past month, it’s become clear that USDC is no longer just a stablecoin for speculators. It’s becoming infrastructure. Tokenized assets are growing exponentially — the market grew from about $1.5 billion at the start of 2023 to around $26.5 billion now. BlackRock’s Treasury fund BUIDL has already surpassed $2 billion in assets. Most of these products use USDC for settlements.

Another point many overlook is the prediction markets. Polymarket processed over $22 billion in volume in 2025, mostly in USDC. This isn’t margin trading — it’s already a real volume.

And what’s truly fascinating — artificial intelligence. Autonomous agents are starting to make payments, and data shows that approximately 98% of these payments go in USDC. This isn’t a hypothesis — it’s already happening. When AI agents buy data, services, or computing power, they use stablecoins, mainly USDC.

Add to that the possibility of cryptocurrency legislation in the US. The president expressed support for the CLARITY Act, which could clarify the legal status of digital assets. If that happens, institutional investors could enter the market much more actively.

What struck me about this situation is that a company built around the most stable asset in crypto suddenly became one of the fastest-growing stocks. It’s a rare moment when the conservative sector turns into a growth sector. Against the backdrop of the total crypto market capitalization dropping 44% since October 2025, USDC’s market cap remained relatively stable — indicating that people are truly using it as a tool, not just as a speculative asset.

The main takeaway: the market has long underestimated the impact of tokenization, prediction markets, and artificial intelligence on the demand for USDC. In a month, this has changed, and now everyone sees that it’s not just a stablecoin — it’s infrastructure that will be needed regardless of crypto market volatility.