¡El precio de las acciones de Circle alcanza un máximo! Bernstein: mantiene el objetivo de 190 dólares para "superar al mercado"

Stablecoin issuer Circle (CRCL) closed Tuesday at $118.17, up 5.7% for the day. The company’s market cap is approximately $30.3 billion, with a year-to-date increase of about 49%. Bernstein reaffirmed its “Outperform” rating on CRCL in its latest client report and set a target price of $190.

Market Decoupling of Circle’s Stock Price: A Significant Divergence from the Cryptocurrency Market

(Source: Yahoo Finance)

Circle’s stock performance shows a clear decoupling from the overall cryptocurrency market. Since a major leverage liquidation event in October 2025, the crypto market has remained under pressure, but CRCL has taken a markedly different trajectory: since hitting a low of about $50 per share in early February, the stock has more than doubled.

The comparison with the same period’s benchmark indices is equally striking: this year, Circle’s stock has risen about 49%, significantly outperforming the S&P 500, which has remained roughly flat, and the Nasdaq 100, which has declined about 1%. This relative strength partly reflects the market’s reassessment of stablecoin business models and valuation boosts from improved regulatory environments.

Bernstein’s $190 Target: The Core Driver Accelerating Stablecoin Adoption

Bernstein’s optimistic outlook on Circle is based on the core judgment that the adoption trend of stablecoins is accelerating:

Regulatory Framework Clarification: The 2025 passage of the GENIUS Act established a federal regulatory framework for stablecoins, clarifying reserve backing, disclosure, and compliance standards, significantly reducing regulatory uncertainty for institutions entering the stablecoin space.

Expansion of Corporate Digital Dollar Applications: As the regulatory environment becomes clearer, more US companies are considering adopting stablecoins for payments, settlements, and liquidity management, directly expanding the potential market for USDC.

Circle’s Pioneer Positioning: As the issuer of USDC, Circle is the most compliant major stablecoin platform under US regulation and is expected to capture a larger market share during the regulatory tailwinds.

Bernstein’s $190 target price generally reflects analyst expectations for the next 12 months and is an institutional opinion, not a guarantee of stock performance.

USDC’s Market Position and Institutional Trust Endorsement

(Source: DeFiLlama)

Circle’s core asset is the USDC stablecoin. According to DeFiLlama, USDC is the second-largest stablecoin globally, with a circulation of about $78 billion, accounting for roughly a quarter of the global stablecoin market.

In terms of institutional partnerships, Circle has established a comprehensive traditional finance backing system: BlackRock manages Circle’s reserve fund, holding most of the supporting assets for USDC; BNY Mellon acts as the primary custodian of these reserves; investors include top institutions like Fidelity and Goldman Sachs. This deep integration with mainstream finance reflects increasing recognition of stablecoin infrastructure by traditional financial institutions.

Frequently Asked Questions

Why does Bernstein maintain a bullish rating on Circle stock?

Bernstein reaffirmed the “Outperform” rating and set a $190 target price mainly based on the accelerating adoption of stablecoins: the 2025 GENIUS Act provides regulatory clarity, lowering barriers for corporate adoption of digital dollars. As the issuer of USDC, Circle is poised to benefit directly from this structural shift.

How does Circle’s stock performance diverge from the cryptocurrency market?

This year, Circle’s stock has risen about 49%, outperforming the flat S&P 500 and the 1% decline of the Nasdaq 100. Since the February lows, the stock has doubled, showing a significant divergence from the overall crypto market’s pressure, indicating that the market is differentiating Circle’s stablecoin business from pure crypto assets.

What is USDC’s position in the global stablecoin market?

According to DeFiLlama, USDC is the second-largest stablecoin worldwide, with a circulation of about $78 billion, making up roughly a quarter of the global stablecoin market. BlackRock manages Circle’s reserve fund, BNY Mellon is the reserve custodian, and Fidelity and Goldman Sachs are among Circle’s institutional investors.