Bernstein "USDC supply to reach $220 billion by 2027"

Global research firm Bernstein said the supply of Circle's stablecoin USDC is expected to nearly triple from the current level (about $76 billion) to $220 billion by the end of 2027. In that case, its share of the global stablecoin market would reach 33%, solidifying its position as the industry's No. 2 behind Tether (USDT).

On the 14th (local time), The Block reported that Bernstein said in a report, "If the United States' new stablecoin regulatory framework is implemented, USDC would be the primary beneficiary," and analyzed that "Circle's regulatory-compliance model, abundant liquidity, and partnerships with Coinbase, Binance, and OKX provide a competitive advantage." It added, "USDC supply will surge to $220 billion by the end of 2027," and "by 2035 USDC's total supply could reach $4 trillion."

According to the report, USDC is integrated into 28 blockchain networks, and about $3 trillion in transactions were processed as of the first half of 2025. This represents a 120% year-on-year increase, and growth continues through payment networks and institutional integrations.

It also assessed that the 'GENIUS Act' passed in July will cement Circle's market position. The bill defines a "payment stablecoin" at the federal level and strengthens regulatory standards—such as full backing, daily disclosures, and external audits—while restricting foreign issuers.

It said that a decline in interest income due to future rate cuts would not be a problem. The report noted that Circle's interest income may decrease, but Bernstein expects, "non-interest income—such as expanded USDC supply, payment fees, and cross-chain remittance services—will offset this." Bernstein projected Circle's revenue to grow at an average annual rate of 47% through 2027 and USDC supply to grow 71% annually, emphasizing that "a digital dollar will become a core payment rail of the internet economy, and Circle will be at its center."