PANews reported on June 30 that according to Cointelegraph, JPMorgan Chase's research report covered Circle's stock for the first time and gave it an "underweight" rating, setting the target price for December 2026 at $80 (55% lower than the current share price of $180). The forecast is based on a valuation of 45 times the expected earnings per share in 2027, with an additional $10 upside premium.

The report pointed out that although Circle has a first-mover advantage in the stablecoin market, its current market value of $43.8 billion is obviously too high. JPMorgan Chase expects its market value to fall back to $21 billion by the end of 2026. Analysts warned that competition from other stablecoin issuers, tokenized deposit accounts and other products could erode Circle's market share. In addition, stricter regulation of stablecoins in Europe and the United States and the development of global central bank digital currencies may limit the expansion space of USDC.