Bernstein Research reiterated its Outperform rating on Circle (USDC) and kept the price target at $190, according to DL News. The firm noted that Circle is trading in the low-$80s, more than double the target price. Circle reported in the fourth quarter that total revenue and reserve income rose 77% year over year to $770 million, a result Bernstein said stood in sharp contrast to the broader crypto market slump. Bernstein emphasized that Circle has transitioned from a pure stablecoin issuer to a fintech infrastructure company, with ventures like its Arc Layer-1 blockchain potentially expanding its role as a digital dollar platform.
Bernstein cautioned that stronger regulatory clarity under the US Genius Act (Stablecoin Act) could intensify competition with banks and payment firms, reshaping the competitive landscape as policy clarifies. The note underscores that Circle’s fintech pivot may hinge on how regulators define digital currency and related services. Analysts say the move toward fintech infrastructure, including potential digital dollar capabilities, positions Circle to compete beyond traditional stablecoin issuance. The outcome will depend on regulatory clarity and Circle’s execution as it expands its platform reach.
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