Bernstein maintained an Outperform rating and $140 price target on Circle, implying roughly 60% upside, and argued a new USDC growth cycle could lift the company over the next 12 months. Analysts described “digital dollar reflation” after USDC supply rose about $2 billion in seven days, reversing roughly six months of stagnant or declining growth, as Circle shares gained about 40% over the past month. They tied the next phase to renewed crypto-market momentum, greater U.S. regulatory clarity, tokenized capital markets, payments adoption and early stablecoin use by AI agents. Although USDC remains second to Tether’s USDt by market cap, Bernstein said its share of adjusted stablecoin transaction volume rose from about 40% in 2025 to more than 60% so far in 2026. Circle priced its June 2025 IPO at $31 and raised about $1.1 billion; after a post-debut surge, the stock had retreated toward IPO levels by November 2025 amid a crypto downturn. In its most recent quarter, Circle reported $701 million in revenue and $48 million in net income, both higher year over year, building on earlier evidence of a return to profit, federal trust bank progress and rising USDC payment and agent-settlement activity.