Circle Internet Group has been one of 2025’s breakout stocks, climbing 129% since its IPO. But despite the impressive surge, Jim Cramer isn’t buying the hype. On CNBC, he criticized the company's stablecoin-focused model, warning that there's nothing proprietary about what Circle offers. "Anyone can set up a stablecoin," Cramer said, questioning whether Circle has any real competitive edge. He also referenced the upcoming GENIUS Act, a piece of legislation that could open the floodgates for stablecoin creation and introduce new regulatory pressures. This skepticism isn’t isolated. Compass Point recently downgraded Circle’s stock from Neutral to Sell and slashed its price target. Analysts at the firm cited concerns over Circle's $53 billion valuation and the potential impact of new regulations on its future profitability. Still, not everyone is bearish. Citigroup has voiced strong support for the stock, projecting a 30% upside and backing Circle as a leader in the growing stablecoin market. Citi’s endorsement suggests there’s still optimism about the company’s long-term role in the digital asset space. Circle remains a lightning rod for debate. With new legislation looming and market sentiment divided, investors will be watching closely to see whether its momentum can continue or begins to fade.