EURC

Circle Internet Group has switched on the public mainnet for Arc, a Layer 1 blockchain built for financial markets, real time payments, and AI driven economic activity, with USDC integrated at the protocol level. The rollout arrives with a validator group drawn from large financial institutions, support for USDC, EURC, and tokenized funds, and more than 100 applications and ecosystem partners already connected to Arc's infrastructure. Circle Internet Group last closed at $91.78, while the most followed narrative framework pegs fair value closer to $103.55, implying the stock is 11% undervalued. That fair value estimate uses a discount rate of 8.56% and assumes that by 2029 Circle Internet Group could be earning $723.7 million on revenue of $5.3b, with the stock trading on a P/E of 56.9x on those earnings, against a current analyst price target of $104.28. Estimates behind that single fair value number diverge widely, with 2029 earnings estimates spanning from $356.6 million to $874.2 million and price targets running from $37.00 to $243.00. The stock trades on 51.6x earnings compared with 29.5x for the wider US Software group and a fair ratio of 51.7x.

Deutsche Bank plans to launch a cryptocurrency custody service for institutional clients within this year, covering four digital assets: BTC, ETH, USDC and EURC. The offering is an institutional digital asset custody service, marking a significant step for the German bank into the crypto custody market.

Circle Internet Group outlined its strategy for expanding USDC, payment infrastructure, and its planned Arc blockchain during an earnings-related Q&A session. The company sees USDC's long-term market opportunity reaching trillions of dollars, expanding beyond crypto trading into cross-border payments, capital markets, corporate treasury operations, and AI-agent transactions. Arc's public mainnet is scheduled to launch on September 16 as a stablecoin-native blockchain with transaction fees paid in USDC. Circle reported that EURC circulation has exceeded €400 million and said its Circle Payments Network now has more than 175 financial-institution members. Reserve income is expected to remain a significant revenue driver while payments and infrastructure create additional monetization streams.

Circle’s regulated euro stablecoin EURC recorded an unprecedented surge in on-chain activity just days after the EU’s strict MiCA regulatory deadline came into force, setting all-time highs across key network metrics in its four-year history.

The July 1 MiCA deadline is reshaping the EU digital asset market, and three publicly traded companies are emerging as key beneficiaries. Circle Internet Group (CRCL) benefits from the forced exit of non-compliant euro stablecoins, with its EURC holding roughly half the market, though institutional money flow remains negative with a Chaikin Money Flow of -0.34. Coinbase Global (COIN) secured an EU-wide MiCA license through Luxembourg, but options positioning is mixed, with a put-call volume ratio easing to 0.96 while open interest rose to 0.88. Robinhood Markets (HOOD), which owns licensed exchange Bitstamp, shows the strongest positioning, with a positive CMF of 0.05 and a put-call volume ratio falling to 0.35, reflecting bullish options sentiment and steady institutional inflows.