Bernstein Tags Circle as Internet Dollar Powerhouse with $230 Price Target

In a bold move that’s turning heads across the crypto and fintech world, Bernstein has initiated coverage on Circle, calling it a must-own stock for investors eyeing the digital dollar revolution. The research firm slapped a hefty $230 price target on Circle’s stock (CRCL), citing its dominance in the regulated stablecoin space and future as a cornerstone of internet-scale finance.

Let’s break down why analysts believe Circle is set to lead a $4 trillion stablecoin market and what this could mean for the digital money infrastructure of tomorrow.

Circle: From IPO Darling to Stablecoin Titan

Circle went public on June 5, 2025, and quickly made a splash. The IPO was oversubscribed 25 times and priced above its initial range at 31 dollars. Within weeks, Circle’s stock skyrocketed over 800 percent, briefly peaking above 292 dollars before a slight pullback.

As of late June, CRCL closed at just over 180 dollars—still a staggering leap from its debut price, driven by confidence in Circle’s long-term value beyond just issuing USDC.

Why Bernstein Is So Bullish

In their note to investors, Bernstein analysts called Circle “the internet dollar network for the next decade.” Here’s why:

• Regulatory Edge: With the U.S. Senate passing the GENIUS Act—legislation that lays out a formal framework for issuing and trading stablecoins—Circle is now the frontrunner for compliance and regulation.
• Liquidity Advantage: Circle’s stablecoin, USDC, boasts over 61 billion dollars in liquidity, a number that’s tough to replicate for any newcomer.
• Strong Partnerships: From crypto exchanges to major internet platforms, Circle’s growing list of distribution channels sets it apart.
• First-Mover Credibility: Circle has become synonymous with safe, regulated digital dollars. That kind of brand trust is gold in both crypto and traditional finance.

The Stablecoin Market: Poised for a 16x Boom

Bernstein projects that the total supply of stablecoins will balloon to 4 trillion dollars over the next 10 years, up from around 244 billion today.

Here’s what’s driving that growth:

• Crypto Payments: Stablecoins are increasingly being used in decentralized finance (DeFi) and cross-border payments.
• Tokenized Capital Markets: Circle is expected to be central in powering these systems.
• Financial Services Integration: Expect to see USDC embedded in apps, platforms, and services beyond traditional crypto exchanges.

Bernstein believes Circle will maintain a roughly 30 percent share of that future market—up slightly from its current 25 percent.

The Tether vs. Circle Showdown

Tether (USDT) still holds the lead with a 65 percent market share and a circulating supply above 158 billion. But Circle is creeping up, especially with the GENIUS Act possibly forcing Tether to create a U.S. subsidiary to comply with regulations.

Bernstein points out that while the competition is fierce, Circle’s regulated approach gives it a clear edge in institutional settings and with government policy.

Financials: A Rocket Ride Ahead?

At the time of reporting, Circle was trading at roughly 56 times its projected earnings for 2026 and 28 times for 2027. Bernstein is using a discounted cash flow model to support its 230-dollar target, expecting:

• 47 percent compound annual revenue growth
• 71 percent EBITDA growth between 2024 and 2027

That’s a huge trajectory, but it aligns with the increasing adoption of USDC and the regulatory clarity now unfolding in the U.S. market.

What This Means for Crypto and the Internet Economy

Bernstein isn’t just pumping the stock—they’re signaling a shift in the financial system.

Here’s the bigger picture:

• Circle is no longer just a crypto company—it’s becoming a backbone of digital finance.
• The GENIUS Act positions the U.S. as a leader in stablecoin regulation, opening the floodgates for broader adoption.
• Stablecoins are morphing from crypto rails into internet-native payment layers that could rival Visa or Mastercard in reach and usage.

Final Thoughts: Should You Watch Circle?

If Bernstein’s prediction plays out, Circle will be a central player in the internet’s financial infrastructure, powering payments, apps, platforms, and digital economies across sectors. Its blend of compliance, liquidity, and strategic partnerships makes it a top contender in a market that’s still in its early innings.

For investors, regulators, and developers alike, Circle is no longer just about stablecoins—it’s about shaping how money moves online in the next decade.

FAQs

Is Circle a public company?
Yes. Circle went public in June 2025 under the ticker CRCL.

What is USDC?

USDC is a dollar-pegged stablecoin issued by Circle and one of the most widely used in the crypto ecosystem.

What is the GENIUS Act?
The GENIUS Act is new U.S. legislation that provides a legal framework for stablecoins, making Circle’s USDC the likely leader among regulated digital dollars.

Why is Bernstein bullish on Circle?
Bernstein sees Circle as the central financial infrastructure for the internet economy, with a projected 4 trillion dollar market for stablecoins.