Interesting developments are happening in the stablecoin market. Circle’s stock price, which issues USDC, has jumped by as much as 35% to a record high, apparently because its EPS greatly surpassed the consensus forecast of 16 cents, reaching 43 cents.

The increase in USDC issuance by 72% year over year stands out. Income from token reserves has made a large contribution, and total revenue rose 77% year over year to $770 million. The fact that its Q4 RLDC margin reached 40.1% is also a strong result, beating Wall Street’s expectations by 370 basis points.

Looking at the stablecoin market as a whole, USDT still dominates market share, but it has been gradually decreasing recently. USDT’s market cap is approximately $184.28B, while USDC is $78.64B. However, as Circle’s CEO has said, the network effects are strong, making it difficult for new entrants to get in.

The introduction of the GENIUS law is also a major factor in the regulatory environment becoming more established. International banks and payment companies are trying to incorporate stablecoins into their strategies, and 55 financial institutions are participating in Circle Payments Network. In addition, with 74 institutions under review, it feels like adoption by institutional investors is accelerating.

Analysts at William Blair are also giving Circle an outperform rating, so expectations in the stock market are likely rising as well. It seems to be a trend in which its competitiveness as a crypto asset infrastructure is increasingly being recognized.