Bernstein maintains Circle stock target price at $230

PANews, August 13 - According to a report by Bernstein analysts, a Wall Street brokerage, Circle is expected to dominate the stablecoin market long-term due to its Liquidity, regulatory advantages, and payment infrastructure. They maintain a target stock price of $230, indicating a 40% pump from current levels. Analysts expect the third quarter to be a key observation period. Circle recently announced plans to launch Arc, a Layer 1 blockchain focused on stablecoins, which will go live with a testnet this fall. Arc will use USDC as its native Gas, providing a stablecoin forex engine, fast settlement, and optional privacy features. Circle's Q2 financial report shows that the circulation of USDC increased by 90% year-on-year to $61.3 billion, further rising to $65.2 billion as of August 10. Total revenue and reserve income grew by 53% year-on-year to $658 million, but due to IPO-related expenses, there was a net loss of $482 million.