Circle's hype move heralds new frontiers for stablecoins

Circle has acquired 80,000 HYPE tokens and tested USDC on Hyper EVM, indicating its stablecoin is working on expansion on emerging blockchains. Hyper EVM is an Ethereum-compatible virtual environment developed by HYPE, designed to enhance the scalability of dApps. Circle's 2024 financial report showed revenue was $1.68 billion, net profit was $156 million and earnings per share was $0.70. The U.S. Senate recently passed the Genius Act with bipartisan support (68 votes in favor, 30 votes against), which could drive stablecoins growth, with the stablecoin market expected to reach $2 trillion by 2028. Circle's stock price is $180 and has a P/E ratio of more than 250 times, reflecting its high growth expectations.