Circle approval positive, but not major earnings catalyst, says Wolfe Research
Circle received final approval to launch Circle National Trust, a regulated digital asset trust bank that strengthens its institutional custody and governance capabilities, supporting broader USDC adoption while having limited impact on its near-term earnings or reserve income model, Wolfe Research tells investors in a research note. The firm, which has an Underperform rating and $65 price target on Circle Internet, says the approval is a favorable regulatory checkpoint, but not a major earnings catalyst.
Circle received final approval to launch Circle National Trust, a regulated digital asset trust bank that strengthens its institutional custody and governance capabilities, supporting broader USDC adoption while having limited impact on its near-term earnings or reserve income model, Wolfe Research tells investors in a research note.
The firm, which has an Underperform rating and $65 price target on Circle Internet, says the approval is a favorable regulatory checkpoint, but not a major earnings catalyst.