Bitwise Sees Circle Becoming Payments Giant as Stablecoins Reach Trillions

Stablecoins, digital tokens typically pegged to assets such as the U.S. dollar, are expanding beyond crypto trading into cross-border transfers and corporate payments. Circle, the issuer of USDC, stands to benefit if businesses increasingly use blockchain-based dollars for faster, lower-cost settlement. Its longer-term opportunity could extend beyond income earned on reserve assets to the payment infrastructure connecting financial institutions, companies and users worldwide.

Bitwise Asset Management Head of Research Ryan Rasmussen said in a report published Aug. 11, 2026, that investors were significantly underestimating Circle’s potential. He projected the stablecoin market would expand from about $300 billion to between $3 trillion and $5 trillion. Rasmussen said Circle’s growing payments infrastructure could help transform the USDC issuer into a global payments giant as stablecoins gain broader commercial adoption.