JPMorgan analyst Kenneth Worthington reportedly expects the stock of the New York Stock Exchange-listed stablecoin issuer Circle (CRCL) to fall by double-digit percentage points after a nearly 6x rise in less than a month.
According to Bloomberg, Worthington has set a price target of $80 for Circle, about 56% below the current price.
The JPMorgan analyst reportedly says the biggest threat that Circle, which went public on June 5th, faces is competition as more firms prepare to issue stablecoins.
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Worthington says,
“We are witnessing the launch of tokenized deposit accounts, digital money market funds, and a host of new entrants looking to enter into the digital dollar market. The risk is that a few will succeed in taking enough share to reach critical mass in
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