Bernstein cuts Circle price target to $140, says Open USD threat will fade

What happened

Bernstein lowered its price target for Circle's stock to $140 from $190, while maintaining an Outperform rating, and said the risk from the Open USD project is diminishing as USDC supply stays near its all‑time high.

Confirmed

Global impact / market context

A reduced price target signals analysts expect slower growth or lower profitability for Circle, which could affect investors holding the stock. The fading Open USD threat suggests less competitive pressure on USDC, the stablecoin Circle issues.

Analyst inference

USDC’s supply remaining near its all‑time high shows strong demand for the stablecoin, supporting its market position. However, analyst downgrades can pressure the stock price, especially if broader crypto‑related equities are volatile.

Analyst inference

What to watch

1. Circle’s quarterly earnings for signs of revenue growth or cost pressures, confirming whether the lower target is justified. Proposed
2. Developments in the Open USD project that could re‑ignite competition with USDC, affecting Circle’s market share. Proposed
3. Changes in USDC supply trends, as a rise or fall could indicate shifts in demand that impact Circle’s financial outlook. Proposed

Affected assets

• ATH — Aethir
• USDC — USD Coin

Evidence

• theblock.co