CRCL - Circle Internet Group

Volatile post-IPO; stablecoin disruption of Visa/Mastercard not happening; will monitor partnerships.

Ryan notes Circle's stock surged on the launch of its ARC blockchain token, highlighting its focus on payments and agentic payments. He sees potential for Circle to scale through existing partnerships and financial system connectivity.

Cited as a recent IPO that followed the same pop-and-dump pattern as Coinbase. Used as a cautionary example.

Circle was up 60% from the host's recommendation before dropping 20% in a single day due to proposed legislation in Washington. This pullback is framed as a great buying opportunity for those who missed the first entry point.

Circle was previously recommended by Ross on December 12th and rose 60% before dropping 20% in a single day due to proposed legislation. He calls this a textbook fear-driven dip and a great buying opportunity. Nothing has changed fundamentally — the business is intact. Citrine Research is long Circle for the agentic utility thesis, and Ross describes it as a 'double tailwind' play on both its core business and the AI agentic narrative.

Closed down over 20% due to the Clarity Act which could prohibit platforms from offering yield on stablecoin holdings. Circle issues USDC and splits revenue with Coinbase. Could potentially move down to fill a gap back to $65-70. Highly asymmetric moves recently.

Host avoids IPOs and crypto companies generally. Thinks Circle hits both negatives.

The host references Circle as a comparison point for SoFi USD, noting Circle has $75B in circulation and $2.75B in revenue as of end of 2025. Circle is discussed as an existing dominant player in the stablecoin space that SoFi would compete with. No explicit buy/sell recommendation is given, but the host frames it as a benchmark for SoFi's potential.

Circle seeing recovery past recent run-up, popped to a local high on earnings. Host notes it's getting a lot of attention.

Host is extremely bullish on Circle. Revenue grew 77% to $770M, USDC circulation up 72% to $75.3B. He believes stable coins will surpass Visa and Mastercard in transaction volume. AI agents will use stable coins as native internet currency. The network effects are consolidating around USDC (50% of all stable coin transactions).