Circle will deploy USDCx, a variant of its USDC stablecoin backed 1:1 by USDC reserves, on the Cardano network by the end of February. This move addresses Cardano’s current stablecoin deficit—under $40 million in supply—and enables retail users to transact seamlessly across DeFi applications with identical functionality to native USDC.

Morgan Stanley launched coverage of Circle with an Equalweight rating and a $66 price target, citing volatile regulatory prospects and U.S. rate trends limiting interest-based revenue visibility. Compass Point recently raised its rating to Neutral with a $60 target, noting that Circle’s share performance will continue to track broader cryptocurrency sentiment.