Shares of stablecoin issuer Circle (CRCL) surged another 19% on Friday, climbing to $237 and already exceeding Seaport Securities’ bullish $235 price target. The stock has now skyrocketed nearly eightfold since its public debut at $31 just over two weeks ago.

Seaport Securities recently initiated coverage of Circle with a buy rating, highlighting significant growth potential in the stablecoin market. The firm projects that the total stablecoin market capitalization could expand to $2 trillion in the coming years, up dramatically from around $260 billion today.

According to Seaport, Circle is well-positioned to capitalize on this explosive growth, with expected annual revenue increases of 25% to 30% and healthy gross margins near 40%.

“Circle should outperform most fintech peers over the next two years and therefore deserves a premium valuation multiple,” the firm noted.

The rapid rise in CRCL’s share price reflects investor optimism about Circle’s role in the expanding digital asset ecosystem and its ability to secure a leading position in the booming stablecoin sector.