Institutional pricing view: JPMorgan raised its price target for Circle from $105 to $110, clearly expressing greater optimism about the stablecoin issuance and compliance licensing story. What matters more is whether USDC’s circulating supply can hold steady, how reserve income is shared, and how sensitive the valuation is to changes in the regulatory stance. Don’t treat the price target increase as a signal that the stock is bound to rise in the short term, and don’t overlook that stablecoin valuations ultimately depend on real-world payments and reserve transparency.