Aletheia Capital reiterated its "Buy" rating for Circle Internet Group (CRCL).
The firm maintained its $160 price target for the company.
This update follows Circle's new distribution agreement with the decentralized derivatives exchange Hyperliquid.
The deal establishes USDC as the official primary quote and collateral asset on Hyperliquid.
Circle will provide the infrastructure for USDC minting, redemption, and cross-chain transfers on the platform.
Under the agreement, Hyperliquid will receive up to 90% of the interest income generated from its USDC reserves.
This "margin for volume" trade-off aims to boost USDC's circulation and on-chain utilization.
While ceding near-term interest revenue, the partnership aims to expand USDC's market share, network effects, and global footprint.