Circle shares surge on expectations of broader stablecoin adoption

Shares of stablecoin issuer Circle have climbed sharply this year, drawing attention on Wall Street.

According to Cointelegraph on the 10th, investment bank Bernstein said in a recent report that it maintained an “Outperform” rating on Circle’s stock (CRCL) and set a $190 price target. The target is based on a 12-month outlook.

Circle’s shares are up about 49% year-to-date. Over the same period, the S&P 500 has been essentially flat, while the Nasdaq 100 has fallen about 1%. The stock has more than doubled since rebounding from around $50 in early February, and the latest close rose about 5.7% to $118.17. Its market capitalization stands at roughly $30.3 billion.

Bernstein said that even at the current price, the stock has about 60% upside potential.

The optimistic view is underpinned by expectations of wider stablecoin adoption. In particular, the establishment of a U.S. stablecoin regulatory regime is seen as paving the way for faster corporate use.

In 2025, the U.S. passed the “GENIUS Act,” which set out a stablecoin regulatory framework. The legislation spells out reserve requirements, disclosure standards and oversight systems, providing clearer rules for the issuance and use of dollar-pegged tokens.

Circle’s core business is the stablecoin USDC. USDC’s circulation is estimated at about $78 billion, accounting for roughly 25% of the global stablecoin market.

Partnerships with traditional finance are also expanding. BlackRock manages the “Circle Reserve Fund,” which invests USDC reserve assets, while BNY Mellon serves as a key custodian of reserves. Major financial institutions such as Fidelity and Goldman Sachs are also reported to have invested in Circle.