Circle (CRCL +0.90%), the fintech company best known for issuing the USD Coin (USDC +0.00%) stablecoin, went public at $31 on June 5, 2025. It now trades at about $87.
Circle's stock skyrocketed as the demand for its USD Coin stablecoins rose. USD Coin is directly backed by cash and U.S. Treasuries held by regulated custodians, which sets it apart from other stablecoins that rely on opaque assets to maintain their peg to the U.S. dollar.
Image source: Getty Images.
Circle generates most of its profits by investing its own USD Coin reserves into U.S. Treasuries, bank deposits, and other low-risk instruments to earn interest. It's also generating more platform and infrastructure fees by tethering more financial customers and countries to its ecosystem.
Those fees should rise as Circle gains more partners, reducing its long-term dependence on fixed-income investments. Let's take a closer look at two such companies -- Visa (V 0.81%) and Intuit (INTU 1.21%) -- and one entire country that could help Circle achieve that goal.
How are Visa and Intuit working with Circle?
In late 2025, Visa and Intuit both launched programs to integrate Circle's USD Coin payments into their ecosystems. Visa began allowing its banking partners to settle card transactions in USD Coin on Circle's blockchain rather than through its own payments network.
Those transactions can be potentially faster than Visa's traditional settlements. Visa was also previously a design partner for Arc, Circle's purpose-built Layer 1 (L1) blockchain, so it clearly sees blockchain-based stablecoin settlements as the next leap forward for money transfers.
NYSE: V
Key Data Points
Intuit is embedding USDC and Circle's stablecoin infrastructure into its top financial products, including TurboTax, QuickBooks, Credit Karma, and Mailchimp. It expects those integrations to accelerate the processing speeds of its payments and refunds.
NASDAQ: INTU
Key Data Points
Which country is adopting Circle's technology?
In 2019, Bermuda became the first country to accept taxes and other government payments in USD Coin. Earlier this year, it launched a broader pilot with Circle and Coinbase (COIN 2.66%) to explore the development of a fully "on-chain" national economy using USC Coin for all government payments and merchant transactions.
That program could convince other countries that have started dabbling with USD Coin -- including Japan, Brazil, and Mexico -- to launch similar initiatives.
Do those partnerships make Circle's stock a buy?
From 2025 to 2027, analysts expect Circle's revenue to grow at a 26% CAGR. They also expect it to turn profitable this year and increase its EPS by 82% in 2027. Its stock isn't a bargain at 50 times next year's earnings, but it also doesn't seem like an overheated meme stock. So if you're optimistic about Circle's ability to build a new global blockchain-based payments platform with USD Coin, then it might be worth accumulating before it secures even bigger partnerships.
