Bernstein: Circle's stock still has 70% upside potential

According to Odaily, Bernstein analysts reiterated their bullish outlook on stablecoin issuer Circle in a report released on Tuesday, maintaining an “outperform” rating with a target price of $190, which implies about 70% upside from Monday’s closing price. The analysts believe that stablecoins are increasingly decoupled from the broader cryptocurrency market cycle, and that stablecoin adoption has remained resilient even during periods of crypto market volatility. Although the supply of USDC briefly declined following liquidity events in October and an overall market adjustment, it has since rebounded to a circulation of approximately $78 billion, reaching a new high, while bitcoin’s trading price remains well below its previous peak. Meanwhile, Tether’s USDT supply stands at around $184 billion. (The Block)