A discounted cash flow (DCF) model analysis suggests that Circle's (CRCL) fair stock price is $34.25, based on assumptions of USDC's growth. The model projects a 15% annual increase in USDC supply from 2026 to 2035, with a benchmark interest rate of 2.5% and a gross margin of 38%. Fixed operating costs are expected to rise by 10% annually from a base of $500 million in 2025. The analysis calculates Circle's enterprise value (EV) at $942 million, discounted to January 2026, using a 10% discount rate and a price-to-earnings (P/E) ratio of 20. The fully diluted share count is estimated at 275 million shares. The model highlights the sensitivity of the valuation to key parameters, including the retention rate and fixed costs, and notes that the valuation excludes potential future revenues from new products under development.