Odaily Planet Daily reports that the stablecoin issuer Circle’s stock price once rose above $90, reaching a new high since November last year, before falling back to around $87. Previously, the company’s Q4 earnings exceeded market expectations, driving the stock price up approximately 30% after the earnings release.
Bernstein analyst maintains a “buy outperform” rating on Circle and sets a target price of $190, believing that the company’s performance indicates a growth trend that has shown “significant divergence from the crypto market.” The report notes that Circle’s expansion in infrastructure is generating higher-margin new revenue streams, rather than relying solely on stablecoin reserve earnings.
The analyst states that Circle’s trading-related income continues to grow, including blockchain rewards earned as a super validator on the Canton network. Meanwhile, the proportion of USDC directly held on the Circle platform has increased to 17% of the total supply, up from 14% in the previous quarter. The company expects USDC circulation to maintain an annual growth rate of about 40%, and anticipates that other business revenues, excluding reserve income, will reach approximately $170 million by 2026, up from about $110 million in 2025.
Bernstein is also optimistic about Circle’s expansion into new product areas, including the Arc platform, Circle Payments Network, and “automated payment” capabilities for AI agents.
Meanwhile, Mizuho analysts point out that as stablecoins are increasingly used in new scenarios such as prediction markets, for example on the Polymarket platform, Circle’s revenue structure is expected to become more diversified. Overall, market attention is gradually shifting to whether Circle can establish a more balanced revenue source structure amid the expansion of the stablecoin ecosystem.
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The depreciation of the US dollar results from a combination of declining real purchasing power, gradual strengthening driven by fiscal policy, and long-term changes in real interest rates and holding costs.
Traditional banking systems, constrained by regulation, capital requirements, and risk weights, generate spillover demand for US dollars, and stablecoins precisely fill this demand gap.
Differences in regulatory frameworks and business positioning lead to variations in collateral structures among different stablecoins, while internally, an implicit credit hierarchy also forms.
The quality, transparency, and credibility of stablecoin collateral and issuers are becoming key factors in determining their price stability, liquidity priority, and long-term funding preferences.
Once stablecoins reach a certain scale, they have begun to become an important structural force influencing short-term US dollar interest rates.
Looking ahead to 2026, stablecoins are more likely to serve as a "water reservoir" and distribution layer for the US dollar, with their reserve assets providing stable short-term US Treasury purchases, which in turn are influencing the dollar itself.
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