Bernstein maintains Circle stock price target at $230
PANews reported on August 13th that analysts at Wall Street brokerage firm Bernstein predict that Circle, with its liquidity, regulatory advantages, and payment infrastructure, is expected to dominate the stablecoin market in the long term. The analyst also maintained its target price of $230 for the stock, indicating a 40% upside potential from the current level. The analyst expects the third quarter to be a key observation period.
Circle recently announced plans to launch Arc, a Layer 1 blockchain focused on stablecoins . The testnet will be launched this fall. Arc will use USDC as its native gas, provide a stablecoin foreign exchange engine, fast settlement and optional privacy features.
Circle's second-quarter financial report showed that USDC circulation increased by 90% year-on-year to US$61.3 billion, and further increased to US$65.2 billion as of August 10. Total revenue and reserve income increased by 53% year-on-year to US$658 million, but due to IPO-related expenses, it suffered a net loss of US$482 million.
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