Equity research firm Bernstein reaffirmed an Outperform rating on Circle Internet Group (CRCL) on July 1, setting a $190 price target that represents a potential upside of more than 200% from the stock's June 30 closing price of $62.63. The rating came one day after Circle stock dropped more than 13% following the June 30 launch of Open USD (OUSD), a rival stablecoin backed by more than 140 companies, and the company's removal from several Russell Growth Indices. Bernstein cited Circle's transaction volume growth as the basis for its outlook, noting that USDC processed $5.3 trillion in H2 2026 and increased its share of transaction volume from around 40% in 2025 to around 60% so far this year.
權威研究機構 Bernstein 於 7 月 1 日重申對 Circle Internet Group (CRCL) 的「優於大盤」評級，設定 190 美元的目標價，較該股 6 月 30 日收盤價 62.63 美元具備超過 200% 的上漲潛力。此評級發布的前一天，Circle 股價在 6 月 30 日下跌超過 13%，原因包括競爭對手穩定幣 Open USD (OUSD) 上線（由超過 140 家公司支持），以及該公司被從多個 Russell 成長指數中剔除。Bernstein 以 Circle 的交易量成長作為其展望依據，指出 USDC 在 2026 年下半年處理了 5.3 兆美元，並將交易量占比從 2025 年的約 40% 提升至今年至今的約 60%。
Circle Stock Drops 13% on June 30 Following OUSD Launch and Russell Index Removal
Circle Internet Group is a crypto company best known for its USDC stablecoin, which is pegged 1:1 to the U.S. dollar. USDC is one of the dominant stablecoin players alongside Tether's USDT.
On June 30, a new stablecoin called Open USD (OUSD) launched with backing from more than 140 companies including BlackRock (NYSE: BLK), Coinbase (Nasdaq: COIN), Visa (NYSE: V), Mastercard (NYSE: MA), and Aptos Labs. OUSD features a revenue-sharing model.
Also on June 30, Simply Wall Street reported that Circle's stock had been removed from several Russell Growth Indices in the latest annual reconstitution, including the Russell 1000 Growth Index, Russell 3000 Growth Index, and Russell Midcap Growth Index. Funds tracking these indices can reduce their exposure to Circle stock, which could translate into low trading activity.
Following these updates, Circle stock dropped more than 13% on June 30, opening at $72.25 and closing at $62.63.
Circle 股價於 6 月 30 日因 OUSD 上線及 Russell 指數剔除而下跌 13%
Circle Internet Group 是一家以 USDC 穩定幣聞名的加密貨幣公司，該穩定幣與美元 1:1 掛鉤。USDC 是與 Tether 的 USDT 並列的主要穩定幣之一。
6 月 30 日，一款名為 Open USD (OUSD) 的新穩定幣上線，獲得超過 140 家公司支持，包括 BlackRock（NYSE: BLK）、Coinbase（Nasdaq: COIN）、Visa（NYSE: V）、Mastercard（NYSE: MA）及 Aptos Labs。OUSD 採用收益共享模式。
同樣在 6 月 30 日，Simply Wall Street 報導指出，Circle 股票在最新的年度指數重組中被從多個 Russell 成長指數中剔除，包括 Russell 1000 成長指數、Russell 3000 成長指數及 Russell 中型股成長指數。追蹤這些指數的基金可能減少對 Circle 股票的曝險，進而導致交易活動降低。
在上述消息公布後，Circle 股價於 6 月 30 日下跌超過 13%，開盤價 72.25 美元，收盤價 62.63 美元。
Bernstein Reiterates $190 Price Target for Circle Stock
Despite the June 30 developments, Bernstein doubled down on its Outperform rating on Circle stock in a July 1 note.
Bernstein stated that though the scale of the OUSD coalition validates stablecoins as a category, it does not immediately threaten Circle's status. The firm highlighted that though USDC holds about 28% of the USD-pegged stablecoin monetary base, its transaction volume is substantial.
Bernstein analyzed Visa onchain data and concluded that USDC has processed $5.3 trillion in H2 2026, with its share of transaction volume rising from around 40% in 2025 to around 60% so far this year. This represents a surge of approximately 140% over 2025's complete pace.
Circle has leveraged its partnership with Coinbase, which accounts for 25% of USDC held on-platform. Hyperliquid and Polymarket have also contributed to Circle's growth.
Regarding Coinbase's partnership with OUSD, Bernstein stated it believes Coinbase does not intend to move away from USDC and instead wants to expand mainstream stablecoin adoption.
Bernstein reiterated its price target of $190 for Circle stock. As the stock closed at $62.63 on June 30 and the firm released its note on July 1, the target represents an upside of more than 200%.
At press time, CRCL was exchanging hands at $65.52 intraday.
Bernstein 重申 Circle 股票 190 美元目標價
儘管 6 月 30 日發生上述事件，Bernstein 在 7 月 1 日的報告中仍加倍看好 Circle 股票，重申「優於大盤」評級。
Bernstein 表示，雖然 OUSD 聯盟的規模驗證了穩定幣這個類別，但並未立即威脅到 Circle 的地位。該機構強調，雖然 USDC 約佔與美元掛鉤的穩定幣貨幣基礎的 28%，但其交易量相當可觀。
Bernstein 分析 Visa 鏈上數據後得出結論：USDC 在 2026 年下半年處理了 5.3 兆美元，其交易量占比從 2025 年的約 40% 上升至今年至今的約 60%。這比 2025 年全年速度增長了約 140%。
Circle 善用其與 Coinbase 的合作關係，Coinbase 佔 USDC 平台持有量的 25%。Hyperliquid 和 Polymarket 也對 Circle 的成長有所貢獻。
關於 Coinbase 與 OUSD 的合作，Bernstein 表示相信 Coinbase 無意放棄 USDC，而是希望擴大主流穩定幣的採用。
Bernstein 重申其對 Circle 股票 190 美元的目標價。由於該股 6 月 30 日收於 62.63 美元，而該機構於 7 月 1 日發布報告，該目標價代表超過 200% 的上漲空間。
截至發稿時，CRCL 盤中交易價格為 65.52 美元。
FAQ
What price target did Bernstein set for Circle stock?
Bernstein set a $190 price target for Circle stock in a July 1 note, representing a potential upside of more than 200% from the June 30 closing price of $62.63.
Why did Circle stock drop on June 30?
Circle stock dropped more than 13% on June 30 following the launch of Open USD (OUSD), a rival stablecoin backed by more than 140 companies, and the company's removal from several Russell Growth Indices.
What transaction volume data did Bernstein cite for USDC?
Bernstein cited Visa onchain data showing USDC processed $5.3 trillion in H2 2026, with its share of transaction volume rising from around 40% in 2025 to around 60% so far this year, representing a surge of approximately 140% over 2025's complete pace.
常見問題
Bernstein 為 Circle 股票設定的目標價是多少？
Bernstein 在 7 月 1 日的報告中將 Circle 股票目標價設為 190 美元，較 6 月 30 日收盤價 62.63 美元具備超過 200% 的上漲潛力。
為什麼 Circle 股價在 6 月 30 日下跌？
Circle 股價在 6 月 30 日下跌超過 13%，原因是競爭對手穩定幣 Open USD (OUSD) 上線（由超過 140 家公司支持），以及該公司被從多個 Russell 成長指數中剔除。
Bernstein 引用 USDC 的哪些交易量數據？
Bernstein 引用 Visa 鏈上數據，顯示 USDC 在 2026 年下半年處理了 5.3 兆美元，其交易量占比從 2025 年的約 40% 上升至今年至今的約 60%，較 2025 年全年速度增長約 140%。
