On the opposite end of the spectrum, Jeff Cantwell of Seaport Research Partners has a Buy rating on Circle and a $280 price target. That’s the second-highest on Wall Streeet. Cantwell disagrees with Mizuho’s Dolev and isn’t worried about more competition, citing Circle’s “first-mover advantage.”

Circle Internet went public in June. The stablecoin issuer reported its first financial result today -- a $4.48-per-share loss. Circle's guidance for the rest of the year isn't particularly helpful to investors.

Circle Internet Group shares surged Tuesday as its first financial report since its initial public offering came in better than expected on growing use of the USDC stablecoin.