Paul says in Romans 9:7-8
7 and not all are children of Abraham because they are his offspring, but “Through Isaac shall your offspring be named.” 8 This means that it is not the children of the flesh who are the children of God, but the children of the promise are counted as offspring.
And Galatians 3:16 says
Now the promises were made to Abraham and to his offspring. It does not say, “And to offsprings,” referring to many, but referring to one, “And to your offspring,” who is Christ.
But if the promise to Abraham and his offspring was for Christ or us as believers, why was circumcision, if it was the sign of the covenant, given to Abraham’s physical offspring, since they’re not part of the Abrahamic covenant?
My best guess right now is that the promise in Genesis 12 has some double-fulfillment features going on, like 2 Samuel 7 and Isaiah 7.
As an alternative to a direct answer, links to helpful related articles or books would also be appreciated.