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The CRCL stock surged as much as 22% this week, ranking as one of the largest gainers.
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This comes as Circle bets big on AI agent payments.
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Circle’s CEO Jeremy Allaire noted that USDC is the most widely used stablecoin currently among AI agents.
The CRCL stock was one of the largest gainers in the stock market this week, even as the U.S.-Iran war put pressure on risk assets. The stock notably extended its gains from last week as USDC issuer Circle moves to dominate in AI agent payments.
TradingView data shows that the Circle stock climbed 22% this week, rising above $100 for the first time this year. The stock had climbed above $108 on March 5 before closing out the week at almost $102.
With this weekly gain, the CRCL stock is now up 26% year-to-date (YTD). It is also notably one of the few crypto stocks in the green this year, as crypto stocks as a whole are facing downside pressure amid a bear market for crypto prices, led by Bitcoin, which is down from a yearly high above $97,000.
It is worth noting that the CRCL stock rally comes amid the U.S.-Iran war, which is also putting pressure on risk assets. Crypto prices had rallied earlier in the week but quickly corrected as the war sent oil prices above $90 yesterday, marking a multi-year high for the oil markets.
A recent CoinGape market analysis predicted that the Circle stock price could rally to $120 in the coming weeks if the bullish trend continues. A positive for the stock is that USDC continues to enjoy greater adoption.
Allium data, shared by Visa, showed that USDC topped USDT and other stablecoins in transaction volume last month. Stablecoins saw a record transaction volume of $1.78 trillion, with USDC accounting for $1.28 trillion of these transactions.
According to a Bloomberg report, USDC issuer Circle is betting big on AI agent payments as it looks to dominate other stablecoin issuers such as Tether and Ripple in this regard. The company’s CEO, Jeremy Allaire, had stated during the earnings call that they are building a new financial system and that he is optimistic that his company can play a key role in the “convergence between AI and stablecoins and blockchain.”
Stablecoins are expected to be the preferred currency for AI agents, as they are cheaper and faster than traditional payment systems. In a separate interview after Circle’s earnings call, Allaire described how stablecoins could also play a key role in AI commerce as agents move to secure the services of other agents.
