Bernstein Initiates Coverage on Circle with $230 Target, Touts Internet Dollar Network

Global brokerage Bernstein has launched coverage of Circle (CRCL) with an "outperform" rating and a $230 price target, framing the stablecoin issuer as a cornerstone of internet-native finance. The firm's debut public listing on June 5 saw shares surge 167% after being priced above range at $31, later peaking at $292 before settling at $180.43 last Friday.

Analyst Gautam Chhugani highlights Circle's regulatory advantages and distribution partnerships, calling it a "must-hold" for exposure to tokenized finance. Bernstein projects the stablecoin market will explode from $244 billion to $4 trillion within a decade, driven by cross-border payments and asset tokenization.

USDC's position as the most regulated dollar stablecoin in the U.S. was further cemented by the GENIUS Act, giving Circle an edge as traditional platforms explore blockchain integration. The report underscores how dollar-backed digital assets are becoming infrastructure for global value exchange.