Crypto Biz: Circle stock defies Wall Street and digital asset selloff

The USDC issuer's stock is soaring despite a market selloff as stablecoins expand into traditional finance. Meanwhile, Canaan boosts BTC reserves and Wells Fargo eyes crypto services.

A selloff in both Wall Street and crypto markets hasn’t slowed Circle’s relentless rise. The stablecoin issuer’s stock has more than doubled since early February, with Bernstein analysts expecting further gains as stablecoins continue expanding beyond crypto’s more speculative use cases.

The technology is already moving deeper into traditional finance. UK insurance giant Aon recently piloted stablecoin payments for insurance premiums with Coinbase and Paxos, a move that could make cross-border premium payments faster and more efficient.

Elsewhere, Bitcoin (BTC) miner Canaan is taking a contrarian approach to treasury management, increasing its BTC holdings even as many competitors sell. And in traditional finance, Wells Fargo has filed a trademark for crypto-related services, suggesting large banks are still quietly preparing for deeper involvement in digital assets.

Shares of stablecoin issuer Circle are rallying sharply in 2026 as Wall Street warms to the long-term growth story behind digital dollars. Analysts at Bernstein recently reiterated an “Outperform” rating on the stock, setting a $190 price target — roughly 60% above current levels.

Circle’s stock price has already more than doubled since early February and is up roughly 49% year-to-date, outperforming both the S&P 500 index and Nasdaq 100 index during the same period.

Bernstein’s bullish outlook hinges on accelerating stablecoin adoption across payments, financial infrastructure and onchain settlement. As the issuer of USDC (USDC), the world’s second-largest US dollar-pegged stablecoin, Circle is increasingly viewed as a key beneficiary of the industry’s push into mainstream finance.

Bitcoin miner Canaan is expanding its BTC treasury amid a market downturn, while many rival public mining companies are reducing their holdings.

The company mined 86 BTC in February, increasing its total Bitcoin holdings to 1,793 BTC. Canaan also reported holding 3,952 Ether (ETH), bringing its total crypto reserves to record levels.

The accumulation trend stands in contrast to much of the mining sector. Several publicly traded miners have sold significant portions of their Bitcoin reserves over the past several months as tighter margins and post-halving economics put pressure on balance sheets.

Canaan, meanwhile, continues to expand its mining footprint, including operations in Texas — one of the largest mining hubs in the United States.

Global insurance broker Aon is exploring the use of stablecoins to settle insurance premiums, working with crypto companies Paxos and Coinbase on the initiative.

The goal is to streamline cross-border payments, which often involve multiple banks, currency conversions and settlement delays. Stablecoins could allow insurers and clients to move funds more quickly while reducing costs and processing time.

For the insurance industry, faster settlement could simplify premium collection, improve cash flow management and reduce the administrative work tied to international payments. It may also make it easier to handle large cross-border policies and reinsurance transactions.

The pilot reflects a broader trend of stablecoins use expanding beyond crypto trading into real-world financial use cases, particularly in areas where global payments remain slow and expensive.

US banking giant Wells Fargo has filed a US trademark application for “WFUSD,” signaling potential plans to expand deeper into crypto services.

The filing covers a range of blockchain-related offerings, including crypto trading, payments, digital wallet services and software for staking and custody. It also references financial services built on distributed ledger technology.

The trademark is significant because Wells Fargo is the fourth-largest US bank, with about $1.95 trillion in assets as of Q3 2025, according to S&P Global Market Intelligence.

Trademark filings don’t necessarily guarantee a product launch, but they often indicate areas companies are exploring. In this case, the scope suggests Wells Fargo may be evaluating crypto-based payments or a tokenized dollar product under the WFUSD name.

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

Source: CoinTelegraph