Bernstein Sees New Growth Cycle for Circle's USDC

Circle's shares have risen roughly 40% over the past month after analysts at Bernstein argued that USDC is entering a new expansion phase.

Bernstein pointed to a sharp pickup in USDC supply growth, with the stablecoin's supply rising by about $2 billion in seven days, reversing a six-month stretch of stagnant or declining growth.

The firm attributed this acceleration to what it called 'digital dollar reflation', and maintained an Outperform rating on Circle with a $140 price target, implying around 60% upside from current levels.