In this paper, we introduce the system theoretic model for the multi-agent MC systems represented by multi-input and multi-output (MIMO) systems using the transfer functions, and then propose a method to analyze the stability for the special case of the circulant structured multi-agent MC systems. The proposed method decomposes the MIMO MC system into multiple single-input and single-output (SISO) systems, which facilitates to analyze of the stability of the large-scale multi-agent MC system. Finally, we demonstrate the proposed method to analyze the stability of a specific MC system.