CRCL Stock Outlook as Circle Captures 62% of Stablecoin Volume Despite $400B Market Decline

Circle (NYSE: CRCL) stock price dropped by 2.54% on July 31 to close trading at $62. The drop marked the end of a bearish month for Circle shares, after the stock posted its biggest monthly decline in history. Despite the drop, Circle’s USDC stablecoin dominated stablecoin volumes during the month with a 62% market share.

Circle’s USDC Dominates Stablecoin Market in July 2026

Data from Visa shows that the total stablecoin volume numbers for July 2026 came in at $1.36 trillion. This was a $400 billion decline from the $1.77 trillion posted in June 2026.

Despite this drop, Circle’s USDC stablecoin managed to rake in $849 billion in volumes during the month, with this being 62% of the total volumes. Tether’s USDT came in second with $502 billion in volumes.

Still, the $849 billion posted by Circle was a significant drop from the record $1.2 trillion volumes for USDC in June 2026, as earlier reported by CoinGape, and coincided with a drop in CRCL stock.

Circle’s dominance over the stablecoin market in July comes after the company secured approval from the Office of the Comptroller of the Currency (OCC) to set up a national trust bank dubbed the Circle National Trust.

The license boosted the outlook towards CRCL stock, with Cathie Wood’s ARK Invest purchasing more than $37 million worth of Circle shares in July 2026. ARK’s most recent purchase was on July 31 when the fund manager purchased $6.83 million worth of CRCL shares.

CRCL Stock Price Slips Despite Stablecoin Growth

CRCL stock price continues to weaken under bearish pressure. The shares were down by 2.09% in pre-market trading today, August 3, suggesting that the stock faces another bearish month after closing trading in the red in July 2026.

The RSI reading of 43 suggests that the momentum is favoring bears. This RSI reading has also not moved above 50 since May 29, 2026, suggesting that bears have had the upper hand for two months.

CRCL stock needs to move above the 20-day EMA of $65 to suggest that the short-term outlook is now leaning bullish.

If CRCL closes above $65, it could move to the next target at the 50-day EMA of $75.

Still, CRCL stock needs to reach the 200-day EMA of $99 to confirm that the long-term trend has also shifted to favor bulls.

TD Cowen Eyes $82 CRCL Stock Target on Stablecoin Growth

TD Cowen has initiated coverage on CRCL stock price and assigned it a buy rating. The Wall Street firm says CRCL stock price could reach $82, adding that a gain could come from the company’s dominance among stablecoins.

TD Cowen also says that USDC supply could increase by 31% every year until 2030, with this growth coming from institutions seeking to bring traditional finance to the blockchain.

Because of this increase in stablecoin volumes and supply, TD Cowen says Circle’s revenue will increase by 51% and reach $2.86 billion in the twelve months leading to August 2027.

Circle will release its earnings for Q2 2026 on August 5 before the market opens, with analysts forecasting revenues of $744 million and earnings per share of $0.18.