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Bernstein flags continued USDC growth for Circle without Clarity Act

Circle’s USDC supply rebounded by $1.7 billion in the past week after months of sideways action, supporting Bernstein’s $140 target and 59% upside view.

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Bernstein said Circle’s growth cycle can continue even if the Clarity Act is not passed in the September session, arguing the company’s momentum is driven by stablecoin payments and tokenization rather than legislation timing. In a note to clients, the firm maintained an Outperform rating on Circle Internet Group (CRCL) and reiterated a $140 price target, implying about 59% upside from the stock’s Friday close of $87.98. Bernstein pointed to a $1.7 billion increase in USDC supply over the past week after nearly six months of sideways decline. Bernstein also tied its outlook to broader market shifts, saying bitcoin and stablecoins are benefiting from a macro regime change. It added that stablecoins are positioned to absorb increased Treasury bill supply, while USDC supports collateral use across decentralized finance, tokenized equities, real-world-asset perpetual futures, and prediction markets.

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