Gelombang stablecoin, "AI proxy keuangan" membantu! Bernstein optimis harga saham Circle akan melonjak lagi sebesar 60%

Stablecoin USDC issuer Circle (NASDAQ: CRCL) recently experienced a strong rally, but the best may still be ahead. A recent report from research and brokerage firm Bernstein indicates that, benefiting from the continued expansion of stablecoin demand and the rise of emerging AI-driven financial applications, Circle’s stock price could potentially rise another 60% in the future.
Led by Gautam Chhugani, the analyst team gave Circle an “Outperform” rating with a target price of $190. At the current price of around $120, this implies a potential upside of 60%.
It is worth noting that, driven by impressive financial results and the subsequent short squeeze, Circle has surged over 100% in recent weeks, yet analysts remain bullish.
Circle demonstrates an “independent rally”: stablecoin development decoupled from “cryptocurrency market volatility”
Bernstein’s core argument is that: the cycle of stablecoins and the broader cryptocurrency market are increasingly out of sync, even during periods of market volatility, the adoption of stablecoins remains resilient.
The report points out that last October, the cryptocurrency market experienced liquidity shocks, causing USDC supply to temporarily decline, but it has now rebounded strongly, approaching a historic peak of $78 billion; in contrast, Bitcoin and the overall crypto market are still some distance from their all-time highs. Moreover, even in a crypto bear market, the total market cap of global USD stablecoins remains steady at around $270 billion.
On-chain trading activity is also accelerating. Data shows that, after adjustments, stablecoin trading volume has grown over 90% compared to the same period last year, and the “transaction velocity” — a measure of how frequently tokens are exchanged — has also increased, indicating that stablecoins are increasingly being used beyond crypto trading.
Bernstein analyzes that the biggest driver of this trend is the widespread adoption of stablecoin payments. Stablecoins are rapidly integrating with traditional credit card networks, becoming a daily payment tool. For example, payment giant Visa (NASDAQ: V) currently supports over 130 stablecoin-linked credit cards in more than 50 countries worldwide, with an annualized settlement volume of about $4.6 billion.
Meanwhile, Circle is actively expanding its “Circle Payments Network,” which allows institutional clients to make low-cost cross-border transfers using USDC and directly convert to local fiat currencies through partner banks. The report notes that this network has already attracted about 55 institutions, with an annualized transaction volume reaching $5.7 billion earlier this year.
Preparing for the AI-driven proxy finance era
Looking ahead, Bernstein highlights a highly promising emerging theme — AI-powered “proxy finance.”
As autonomous AI agents frequently conduct transactions online, stablecoins are expected to become the underlying layer for small-value payments between “machines,” such as paying for API call fees or various automation service charges.