Bernstein Issues Massive Forecast for Circle: 121 Percent Upside Potential Ahead

Bernstein maintained its optimism regarding Circle’s future following the company’s second-quarter financial results, reiterating its $140 price target.

Bernstein, one of the world’s leading investment and research firms, shared its expectations for stablecoin issuer Circle. Analysts examining the company’s second-quarter data emphasized that, contrary to pessimistic market scenarios, Circle’s growth potential remains quite high. In particular, the increase in USDC circulation and new projects stood out as factors strengthening the company’s financial power.

Circle reported $701 million in revenue for the second quarter of 2026. While this figure represents a 7 percent increase year-over-year, the company’s adjusted EBITDA reached $143 million, successfully beating expectations. Gains from reserves accounted for approximately 95 percent of the revenue, while earnings per share stood at $0.19.

A New Era with Circle and Arc Blockchain

Bernstein analysts argue that concerns regarding market competition and interest rates are unfounded. The Arc blockchain project, which the company will launch its mainnet for on September 16, is viewed as one of the largest future revenue streams. The participation of giants like BlackRock, Visa, and Mastercard as validators in this project symbolizes Circle’s institutional strength. Additionally, a contribution of $180 million is expected from Arc’s pre-sale revenues.

USDC circulation reached $73.3 billion at the end of the quarter, recording a 19 percent year-over-year growth. Circle’s focus on areas such as payments and real-world asset tokenization, rather than being limited to crypto trading, is considered part of its long-term strategy. Bernstein is sending a strong message to investors, stating that the current share price holds a 121 percent upside potential.