Bernstein Upgrades Circle to Outperform With $140 Price Target

Circle, the issuer of the USDC stablecoin, has received an outperform rating from Bernstein. The investment firm initiated coverage of Circle with a price target of $140.

Bernstein analysts noted that the growth in USDC supply does not depend on progress in US stablecoin legislation under the Clarity Act.

The data shows that USDC's market share of stablecoin transaction volume is expanding. Over the past week, there was a $1.7 billion increase in USDC supply.

This trend indicates that Circle's business growth is still strengthening.