Bernstein: Driven by the adoption of stablecoins and AI-powered agent finance, Circle's stock price may still have 60% upside potential.

CoinFeed reported on March 11th, citing CoinDesk, that Bernstein analysts maintained their "Outperform" rating on USDC issuer Circle stock with a target price of $190, representing approximately 60% upside from the current $120 level. The report noted that stablecoin adoption is increasingly detached from the crypto market cycle. Despite the bear market, USDC supply has rebounded to near a record $78 billion, while the total market capitalization of USD stablecoins has stabilized at around $270 billion. Adjusted stablecoin trading volume has increased by over 90% year-over-year, with improved transaction turnover indicating that stablecoins are increasingly being used in scenarios beyond crypto transactions. Payment adoption is a major driver, with stablecoins gradually embedding into traditional card networks. Visa now supports over 130 stablecoin-linked cards in more than 50 countries, with an annualized settlement volume of approximately $4.6 billion.