Stablecoin Wave, "AI Proxy Finance" Assists! Bernstein Optimistic About Circle's Stock Price Soaring Another 60%

Stablecoin USDC issuer Circle (NASDAQ: CRCL) has recently experienced a strong stock price rally, but the good news may still be ahead. A recent report from research and brokerage firm Bernstein indicates that benefiting from the continued expansion of stablecoin demand and the rise of emerging AI-powered financial applications, Circle’s stock price could potentially rise another 60% in the future.
Led by Gautam Chhugani, the analyst team has given Circle an “Outperform” rating with a target price of $190. Based on the current price of around $120, this suggests there is still 60% upside potential for Circle.

It is worth noting that, driven by impressive financial results and the subsequent short squeeze, Circle has surged over 100% in recent weeks, but analysts remain bullish.
Circle is demonstrating an “independent rally”: the development of stablecoins is decoupling from the “cryptocurrency market volatility.”
Bernstein’s core argument is that: the cycle of stablecoins is increasingly out of sync with the broader crypto market, even during periods of market volatility, the adoption of stablecoins remains resilient.
The report points out that last October, the cryptocurrency market experienced liquidity shocks, which caused USDC supply to temporarily decline, but it has now rebounded strongly, approaching a historic peak of $78 billion; in contrast, Bitcoin and the overall crypto market are still well below their all-time highs. Moreover, even during the crypto bear market, the total market cap of global USD stablecoins remains steady at around $270 billion.
On-chain trading activity is also accelerating rapidly. Data shows that adjusted stablecoin trading volume has increased by over 90% compared to the same period last year, and the “transaction velocity” — a measure of how frequently tokens are exchanged — has also increased, indicating that stablecoins are expanding their use beyond just crypto trading.
Bernstein analyzes that the biggest driver of this trend is the widespread adoption of stablecoin payments — stablecoins are rapidly integrating with traditional credit card networks, becoming a daily payment tool. For example, payment giant Visa (NASDAQ: V) currently supports over 130 stablecoin-linked credit cards in more than 50 countries worldwide, with an annualized settlement volume of approximately $4.6 billion.
Meanwhile, Circle is actively expanding its own “Circle Payments Network,” which allows institutional clients to use USDC for low-cost cross-border remittances and directly convert to local fiat currencies through partner banks. The report notes that this network has already attracted about 55 institutions, with an annualized transaction volume reaching $5.7 billion earlier this year.
Preparing for the AI-powered financial agent era
Looking ahead, Bernstein highlights a highly promising emerging theme — AI-driven “agent finance.”
As autonomous AI agents frequently conduct online transactions, stablecoins are expected to become the underlying layer for small-value payments between machines, such as paying for API call fees or various automated service charges.