Bernstein sees new USDC growth cycle, sets $140 Circle price target
Bernstein is bullish on Circle, saying USDC may be entering a new growth cycle that could materially lift the company over the next year. The firm kept an Outperform rating and a $140 price target, citing a recent roughly $2 billion increase in USDC supply after six months of flat or declining growth. It sees growth supported by a stronger crypto market, clearer U.S. regulation, tokenized capital markets, and broader stablecoin use in payments, including early AI-agent payment activity. USDC remains the second-largest dollar-backed stablecoin behind Tether’s USDT, but its transaction activity has improved sharply. Bernstein said USDC’s share of adjusted stablecoin transaction volume rose from about 40% in 2025 to more than 60% so far in 2026. Circle shares have climbed about 40% in the past month after a volatile post-IPO path. In the latest quarter, Circle reported $701 million in revenue and $48 million in net income, both up year over year.
