Mizuho Bank raises outlook for Circle stock, citing Polymarket's use of USDC for settlements.

According to CoinWorld, Mizuho Securities has upgraded Circle Internet Group (NYSE: CRCL) to "Neutral" and raised its target price to $77, reversing its previous downgrade. Analysts pointed out that the growing popularity of the prediction market Polymarket is a key factor driving the increase in demand and market capitalization for USDC. All transactions on Polymarket are settled in Circle's stablecoin USDC. Analysts also noted that the supply of USDC is expected to grow from about $30 billion at the beginning of 2024 to about $75 billion by the end of 2025, partly due to Polymarket's expansion. On Wednesday, Circle's stock price rose more than 3.5%, closing at around $72.50.