Bernstein said USDC is entering a new growth cycle that could materially boost Circle’s performance over the next 12 months. The firm maintained its Outperform rating on Circle (CRCL) and set a $140 target price, implying about 60% upside from current levels. Circle’s stock has risen about 40% over the past month. Bernstein noted that USDC supply increased by about $2 billion in seven days after six months of stagnation or decline, calling it a sign of "digital dollar reflation." Analysts said the next phase of stablecoin growth may be driven by crypto market recovery, improved U.S. regulatory clarity, tokenized capital markets, and wider stablecoin payments, with early signs of AI agents using stablecoins for payments.