Làn sóng stablecoin, "Tài chính đại lý AI" hỗ trợ! Bernstein dự đoán cổ phiếu Circle sẽ tăng thêm 60%

Stablecoin USDC issuer Circle (NASDAQ: CRCL) has recently experienced a strong surge in its stock price, but the best may still be ahead. A recent report by research and brokerage firm Bernstein indicates that, benefiting from the continued expansion of stablecoin demand and the rise of emerging AI-powered financial applications, Circle’s stock price could potentially rise another 60% in the future.
Led by Gautam Chhugani, the analyst team has given Circle an “Outperform” rating with a target price of $190. Based on the current price of around $120, this implies a potential upside of 60%.
It is worth noting that, driven by impressive financial results and the subsequent “short squeeze,” Circle has surged over 100% in recent weeks, yet analysts remain bullish.
Circle Demonstrates “Independent Market” Trend: Stablecoin Development Decoupled from Cryptocurrency Market Volatility
Bernstein’s positive outlook on Circle hinges on the core argument that: the cycle of stablecoins is increasingly decoupled from the broader cryptocurrency market, even during periods of market volatility, the adoption of stablecoins remains resilient.
The report points out that, after experiencing liquidity shocks in October last year, the supply of USDC temporarily declined but has now rebounded strongly, approaching a historic peak of $78 billion; in contrast, Bitcoin and the overall crypto market are still some distance from their all-time highs. Moreover, even in a crypto bear market, the total market cap of global USD stablecoins remains steady at around $270 billion.
On-chain trading activity is also accelerating rapidly. Data shows that, after adjustments, stablecoin trading volume has increased by over 90% compared to the same period last year, and the “Transaction Velocity” — a measure of how frequently tokens are exchanged — has also improved, indicating that stablecoins are increasingly being used beyond just crypto trading.
Bernstein analyzes that, the biggest driver of this trend is the widespread adoption of stablecoin payments. Stablecoins are rapidly integrating with traditional credit card networks, becoming a daily payment tool. For example, payment giant Visa (NASDAQ: V) currently supports over 130 stablecoin-linked credit cards in more than 50 countries worldwide, with annual settlement amounts reaching approximately $4.6 billion.
Meanwhile, Circle is actively expanding its own “Circle Payments Network,” which allows institutional clients to use USDC for low-cost cross-border remittances and directly exchange into local fiat currencies through partner banks. The report notes that this network has already attracted about 55 institutions, with annualized transaction volume earlier this year surging to $5.7 billion.
Preparing for the AI-Driven Proxy Finance Era
Looking ahead, Bernstein highlights a highly promising emerging theme — AI-powered “Proxy Finance.”
As autonomous AI agents frequently conduct transactions online, stablecoins are expected to become the underlying layer for “machine-to-machine” small-value payments, such as paying for API call fees or various automation service charges.