Bernstein sees 70% upside for Circle as stablecoin adoption expands across payments and AI

Bernstein analysts reiterated an "outperform" rating and a $190 price target for Circle Internet Group (CRCL) shares, suggesting approximately 70% upside from recent trading levels. This bullish outlook is based on the accelerating adoption of stablecoins, which analysts believe are diverging from the broader crypto market cycle and establishing themselves as resilient "global digital dollar banking" infrastructure.

Transaction data shows significant growth, with total stablecoin volume hitting $55 trillion in 2025, driven by increased payment activity, including a 131% surge in consumer-to-business payments. Successful use cases include stablecoin-linked cards supported by Visa. Furthermore, Circle is expanding its infrastructure via the Circle Payments Network for cross-border USDC transfers.

Looking forward, Bernstein sees major opportunities in internet-native payments, particularly machine-to-machine micropayments facilitated by AI agents. The firm views Circle as a long-term category winner due to its regulatory positioning and growing global payments network, positioning it to be a key provider of the internet's next generation of money rails.

(Source：The Block)