¡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.