JPMorgan Chase initiates coverage of Circle's stock with a Reduce rating, target price $80

According to a report by PANews, JPMorgan Chase's research report has initiated coverage of Circle's stock with a "Reduce" rating, setting a target price of $80 by December 2026, which is 55% lower than the current stock price. The report points out that Circle has a first-mover advantage in the stablecoin market, but its market capitalization is relatively high. JPMorgan Chase expects the market capitalization to fall back to $21 billion by the end of 2026. Analysts warn that competition from other stablecoin issuers and products such as tokenized deposit accounts may erode Circle's market share. The tightening of stablecoin regulations in Europe and the U.S. and the development of global central bank digital currencies may limit USDC's expansion space.