Bernstein Sets $140 Circle Price Target as USDC Enters New Growth Cycle

Analysts at Bernstein are bullish on stablecoin issuer Circle (CRCL), maintaining an Outperform rating and a $140 price target that implies roughly 60% upside from current levels. The firm's confidence is rooted in what it calls "digital dollar reflation" for Circle's USDC stablecoin, whose supply surged by approximately $2 billion in just seven days, reversing a six-month stretch of stagnant or declining growth. Circle shares have already climbed roughly 40% over the past month on the renewed momentum.

Bernstein identified several catalysts that could sustain USDC's expansion over the next 12 months, including renewed momentum in crypto markets, greater regulatory clarity in the United States, the rise of tokenized capital markets, and growing adoption of stablecoins for payments. The analysts also flagged early signs of stablecoin use in transactions conducted by artificial intelligence agents, a development that could unlock entirely new use cases. Despite trailing Tether's USDt in market capitalization, USDC has overtaken its rival in adjusted stablecoin transaction volume, climbing from roughly 40% in 2025 to more than 60% so far in 2026.

Circle's path since its June 2025 IPO has been turbulent. The company priced shares at $31 and raised approximately $1.1 billion, saw its stock surge in the months following its debut, and then retreated toward its IPO price by November 2025 amid a broader crypto market downturn. In its most recent quarter, Circle reported $701 million in revenue and $48 million in net income, both solid improvements year-over-year. With USDC regaining growth traction and institutional adoption accelerating, Bernstein's $140 target suggests the market may be undervaluing Circle's position at the center of the evolving stablecoin ecosystem.