Bitwise Sees Stablecoin Market Growing to $3 Trillion-$5 Trillion, Says Circle Potential Is Undervalued
Summary
- Ryan Rasmussen said the stablecoin market, currently worth about $300 billion, could grow to $3 trillion to $5 trillion.
- Rasmussen said Circle’s growth potential is being underestimated because the company is well positioned through its existing market share and as U.S. stablecoin regulation takes clearer shape.
- Rasmussen said Circle’s payment infrastructure could become its “second business,” and that the company can continue expanding in the regulated stablecoin market even as new competitors emerge.
Forecast Trend Report by Period
Ryan Rasmussen, Bitwise’s head of research, said the stablecoin market, currently worth about $300 billion, could grow to $3 trillion to $5 trillion, and that the market is underestimating Circle’s growth potential.
In an interview with CoinDesk on Aug. 10, Rasmussen said Circle has secured a favorable position based on its existing market share, particularly as U.S. stablecoin regulation becomes more clearly defined.
He added that payment infrastructure could become Circle’s “second business.” Within five years, Circle could emerge as a major player not only in stablecoins but also in the payments industry.
Rasmussen also said OpenUSD, or OUSD, from OpenStandard — a group involving about 140 companies including Visa and BlackRock — is unlikely to become a major threat to Circle. Even if new competitors enter the market, Circle can continue to grow, he said, pointing to the company’s ability to keep expanding in the regulated stablecoin market as a key strength.
JH Kim
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