Bernstein reiterated a $140 price target for Circle, the stablecoin issuer, citing a $1.7 billion increase in USDC supply and sustained transaction activity across the network.
The analyst maintained the target even as Circle faces regulatory uncertainty around the Clarity Act, a proposed U.S. framework for stablecoin issuers. The $140 price target implies 59 percent upside from current levels and assumes USDC expansion can continue independent of new legislation.
USDC supply has grown through activity channels beyond traditional remittances. Bernstein pointed to higher transaction volumes across decentralized finance, cross-chain bridges, and merchant payment flows as drivers of recent supply growth. The stablecoin's supply had risen $1.7 billion in the week preceding Bernstein's analysis, according to the research note.
Circle's total USDC supply currently exceeds $33 billion, making it the second-largest stablecoin by supply after Tether's USDT. The company disclosed earlier in 2026 that it had achieved profitability and reduced its reliance on venture capital funding.
Bernstein's maintained price target came as Circle faced a regulatory environment in which lawmakers have debated stablecoin frameworks for over two years without passing legislation. The Clarity Act, introduced in the Senate in 2024, would establish federal licensing standards and reserve requirements for stablecoin issuers but has not advanced to a floor vote.
Circle's market capitalization stands at roughly $4 billion based on current trading levels. The analyst's $140 target values the company at approximately $6.4 billion, a multiple grounded in transaction volume growth and USDC's expanding use in settlement layers.
USDC's embedded position in on-chain infrastructure has generated the recent supply increase without change to U.S. stablecoin policy. Regulatory progress has stalled for 18 months while on-chain transaction activity has accelerated. The question that decides whether Circle reaches Bernstein's target is whether USDC supply growth accelerates or plateaus as competition from other stablecoins intensifies in 2027.
