Shares of Circle Internet Group (NASDAQ: CRCL) faced a pull back following the release of its latest quarterly results, despite the company reporting substantial growth in key metrics.

Over the past year, the supply of USD Coin (USDC) in circulation expanded to $61.3 billion, marking a 90% increase. Revenue, including income from reserves, rose 53% year-over-year to reach $658 million.

However, according to equity analysts at Mizuho Securities, investor sentiment toward the stock has cooled. The firm attributes this to a growing gap between Circle’s long-term projections for USDC growth and the actual market trajectory.

Rising Costs and Competitive Pressures

While USDC grew 6% quarter-to-date, Circle has previously set expectations for a 40% compound annual growth rate. This slower p

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