Bitwise Research Director: The stablecoin market is expanding towards a trillion-dollar scale, and Circle's value is underestimated

According to CoinDesk, Bitwise Research Director Ryan Rasmussen stated that as the stablecoin market expands to a scale of trillions of dollars, Circle's value is underestimated by the market. Rasmussen expects the stablecoin market to grow from about $300 billion to $3 to $5 trillion, with Circle having a first-mover advantage due to its existing market share as U.S. stablecoin regulations take shape.

He believes that Circle will not only become a stablecoin giant but also a payment giant—its payment infrastructure under construction will play a key role in a stablecoin-driven financial system, yet investors are still too focused on its reserve business. Rasmussen compared Circle's potential development trajectory to that of Visa and Mastercard, arguing that the entry of banks and other giants is not a major threat, as the pace of market expansion is sufficient for Circle to maintain growth. He mentioned that Circle's Arc blockchain will test whether it can expand from stablecoin issuance to the payment infrastructure sector, with the key in the coming year being how its economic model changes with the adoption of stablecoins and the development of infrastructure.