Key Takeaways:
- Circle shares gained 4% on July 2 and 3.4% pre-market July 6.
- USDC recorded $1.21 trillion in adjusted trading volume during June.
- Bernstein reiterated its Outperform rating with a $190 price target.
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Circle stock rises 4% as USDC hits $1.21 trillion in June volume
Circle Internet Group shares rose 4% to $64 on July 2 and added 3.4% in pre-market trading on July 6 after USDC, its flagship stablecoin pegged 1:1 to the US dollar, recorded $1.21 trillion in adjusted transaction volume during June.
"USDC's transaction volume surge demonstrates its role as essential infrastructure for value transfer, independent of speculative price movements," Nick Ruck, director of LVRG Research, said.
The $1.21 trillion figure represents a portion of the broader stablecoin market, which saw nearly $1.8 trillion in adjusted volume across all issuers in June, according to Visa's on-chain data. Coinbase's Ethereum layer-2 network Base processed $565 billion, or 31.5% of total stablecoin volume, followed by Ethereum at $562 billion and Tron at $320 billion. USDC's share of transaction volume has risen to about 60% this year from roughly 40% in 2025, Bernstein said in a July 1 note, representing a surge of approximately 140% over 2025's full-year pace.
The record volume reinforces Circle's position as the dominant stablecoin issuer by transaction activity, even as a new competitor — Open USD, backed by more than 140 companies including BlackRock, Visa and Mastercard — entered the market on June 30. Bernstein reiterated its Outperform rating on Circle stock with a $190 price target, implying more than 200% upside from the stock's June 30 close of $62.63.
The June volume milestone comes after Circle was removed from several Russell Growth Indices during the annual reconstitution, which triggered a 13% decline on June 30. The stock has since recovered, closing at $64 on July 2 before extending gains in holiday-shortened trading.
Bernstein said the scale of the OUSD coalition confirms stablecoins as a category but does not immediately threaten Circle's status. Though USDC holds about 28% of the USD-pegged stablecoin monetary base, its transaction volume dwarfs that share, the firm said. Circle's partnership with Coinbase, which accounts for 25% of USDC held on-platform, along with integrations on Hyperliquid and Polymarket, have driven adoption.
Cathie Wood's Ark Investment Management added Circle shares in late June, according to Ark's daily trade disclosures, joining a broader accumulation of fintech and crypto-related positions. The buying signals confidence in Circle's growth trajectory as stablecoins become a foundational layer of the crypto economy.
This article is for informational purposes only and does not constitute investment advice.
[1] Circle Stock Climbs as USDC Hits $1.2 Trillion in June Trading Volume[2] Analyst predicts 200% upside for Circle stock despite fierce competition[3] Cathie Wood buys $5.5M of surging tech stock[4] Nasdaq, S&P 500, Dow Futures Slip After Historic First-Half Rally As Investors...[5] Stablecoin transaction volume hits record $1.79T in June
