Bernstein Bullish on USDC Recovery, Maintains Circle $140 Target

Bernstein's call leans on regulatory clarity as the driver rather than any new product or volume data, which makes the thesis a bet on the policy backdrop holding. That matters most for Circle, whose economics are tied to USDC circulation and reserves, and for the stablecoin issuers competing for the same institutional rails. Whether that clarity actually converts into USDC supply growth is the open question; the maintained target signals conviction, not evidence.