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Bernstein flags new USDC growth cycle and lifts Circle target to $140
The firm linked the rebound to USDC supply rising about $2 billion in seven days and said USDC’s share of adjusted stablecoin transaction volume climbed to over 60% in 2026.
Bernstein says a new growth cycle for Circle’s USDC stablecoin is emerging after USDC supply increased by roughly $2 billion in seven days, reversing what it described as six months of stagnant or declining growth, according to a research note covered by Cointelegraph.
The analysts maintained an Outperform rating on Circle and set a $140 price target, which implies about 60% upside from current levels. Cointelegraph adds that Circle shares have risen about 40% over the past month.
Bernstein attributed the next phase of stablecoin expansion to several drivers, including renewed momentum in crypto markets, greater regulatory clarity in the United States, tokenized capital markets, and broader stablecoin adoption for payments. The note also pointed to early signs that stablecoins are being used in payments involving artificial intelligence agents.
Circle remains the second-largest dollar-backed stablecoin by market capitalization behind Tether’s USDt, but Bernstein said USDC has gained ground in transaction activity. Cointelegraph reports that USDC’s share of adjusted stablecoin transaction volume rose from about 40% in 2025 to more than 60% so far in 2026, overtaking USDt on that measure.