Overview
- Bernstein, led by Gautam Chhugani, reiterated an Outperform on CRCL with a $190 price target, implying roughly 60% upside from current levels.
- CRCL closed at $118.17 on Tuesday after more than doubling from early‑February lows near $50, valuing Circle at about $30.3 billion.
- USDC supply has rebounded to nearly $78 billion with adjusted stablecoin transactions up over 90% year over year and rising token velocity.
- Circle’s Payments Network counts about 55 institutions processing roughly $5.7 billion in annualized volume.
- Bernstein highlights AI‑driven agentic finance as a new growth vector and notes Circle is building Arc to support high‑throughput, low‑cost payments.