I just read Bernstein's report, which is quite interesting about Circle.

So they give an Outperform rating with a target price of $190, which means there is still about 60% potential upside from the current position at $120.
This stock has already soared over 100% a few weeks ago after their earnings disappointed expectations.

What’s interesting is their analysis of how stablecoins are starting to decouple from the traditional crypto cycle.
Bitcoin and the crypto market in general are still far from all-time highs, but USDC supply has recovered close to a record $78 billion.
The total market cap of dollar stablecoins remains solid at around $270 billion.
This indicates a real decoupling between stablecoin movements and overall crypto volatility.

Stablecoin trading activity is exploding again.
Adjusted stablecoin volume has increased by more than 90% year-over-year, and transaction velocity has risen significantly.
So, Circle’s stablecoin crypto is beginning to shift from just a trading instrument to a broader payment function.
Visa itself already supports more than 130 bank cards linked to stablecoins, covering 50 countries with an annual settlement volume of about $4.6 billion.

Circle is also aggressively expanding its cross-border infrastructure through Circle Payments Network.
About 55 institutions are already connected, with an annual transaction volume reaching $5.7 billion.
That’s not a small number.

But what Bernstein considers most futuristic is the potential of 'Agentic Finance'.
Imagine autonomous software agents executing transactions on the internet — Circle’s stablecoin could become a natural settlement layer for micropayments between machines, such as API call payments or automated services.
Circle is developing Arc, a high-capacity blockchain specifically designed to support these use cases.

Overall, this is not just about stablecoins as trading pairs, but a true evolution toward more fundamental payment infrastructure.
If Bernstein’s thesis is correct, there is a lot of runway for Circle’s growth ahead.