Asia Web3 research and consulting firm Tiger Research stated in its report 'Circle Stock Analysis: 2026, The Beginning of Full Vertical Integration' that "Circle is accelerating its paradigm shift from a simple stablecoin issuer to an integrated infrastructure provider in the digital asset industry, starting with its Q1 performance." The report explained that "Circle's future business core axes are summarized into three main directions: maximizing USDC margins and circulation, launching its own Layer 1 blockchain 'Ark', and preempting AI payments. Currently, Circle relies on reserve interest income for 94% of its total revenue, but it is pursuing a structural improvement to shift towards platform-centric profits."
