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Bernstein Reaffirms $230 Target for Circle Amid Stablecoin Competition
Bernstein Reaffirms $230 Target for Circle Amid Stablecoin Competition
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BTCCSquare news:
Bernstein analysts maintain a bullish outlook on Circle, reiterating a $230 price target for its stock (CRCL) despite emerging competition from Hyperliquid's planned USDH stablecoin. USDC's supply already exceeds Bernstein's 2025 projections by 25%, while Circle's market share against Tether has climbed to 30% from 28%.
The report downplays near-term risks from Hyperliquid's decentralized exchange, noting that while 7.5% of USDC supply currently backs positions on its perpetual futures platform, new stablecoins face significant liquidity barriers in derivatives markets. Circle's first-mover advantage and institutional trust are expected to maintain USDC's dominance through the current market cycle.
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