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Mizuho Upgrades Circle to Neutral on USDC Demand Surge from Polymarket Adoption

Mizuho Upgrades Circle to Neutral on USDC Demand Surge from Polymarket Adoption

Author:

Global Cryptocurrency

Published:

2026-01-28 23:04:07

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USDC News -

Mizuho Securities has upgraded Circle Internet Group to neutral with a $77 price target, citing increased USDC adoption driven by Polymarket's prediction platform. Analysts highlighted USDC's circulation growth extending beyond DeFi, with market capitalization doubling to $60 billion since early 2024.

Circle's stablecoin now benefits from Polymarket's mandatory USDC settlement system for bets, creating a new demand channel outside traditional crypto markets. This marks a reversal from Mizuho's November downgrade when concerns about USDC adoption prompted a $70 target.

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