Having surged exponentially from its $31 IPO price to almost $300 at its peak last week, stablecoin issuer Circle (CRCL) is now down over 40% from its highs and, if both Goldman Sachs and JPMorgan's analysts are right, there is a lot more downside to come.
While seeing Circle as well-positioned in the nascent stablecoin market, given its early-mover advantage and numerous use cases, both banks see its current $44 billion market capitalization as too elevated.
