Bernstein cuts Circle price target from $190 to $140, dismisses Open USD as a long-term threat to USDC dominance.
DeFi & Yields ·
Bernstein lowered its price target for Circle to $140 from $190, according to a recent analysis, while maintaining an Outperform rating on the company. The analyst assessed that the competitive threat posed by Open USD will diminish over time, citing USDC supply levels near all-time highs as evidence of sustained demand for Circle's stablecoin.
The revision reflects a reassessment of near-term valuation despite confidence in Circle's fundamental position. Bernstein's reasoning suggests that USDC's entrenched supply base creates a durable moat against emerging competitors in the stablecoin space, even as new projects like Open USD attempt to capture market share.
The outlook leaves open how Circle's business performance and USDC adoption will evolve in a multi-stablecoin ecosystem, and whether additional competitive entrants or regulatory shifts might alter the analyst's longer-term thesis.