6 月 30 日，据 The Block 报道，研究与经纪公司 Bernstein（伯恩斯坦）的分析师首次覆盖稳定币发行商 Circle，给予「跑赢大盘」评级，目标价设定为 230 美元。
「Circle 正在构建市场领先的数字美元稳定币网络，拥有监管优势、流动性先发地位和顶级渠道合作，」分析师 Gautam Chhugani 为首的团队在周一客户报告中指出，「我们认为 CRCL 是投资者布局未来十年互联网级金融新基建的必备标的。」
分析师预计稳定币将从加密市场支付轨道升级为整个互联网的支付基础设施，总供应量将在十年内从当前 2440 亿美元增长 16 倍至 4 万亿美元。这一增长将源自加密与代币化资本市场、支付系统及稳定币原生金融服务的「变革性发展」。
Chhugani 强调，随着美国参议院近期通过《GENIUS 法案》，USDC 将成为该法案下规模最大的受监管稳定币，这种「监管先发优势」将使其成为互联网平台（不限于交易平台）的首选合作伙伴。其 614 亿美元流动性储备难以被缺乏加密渠道飞轮的新晋者复制，多数竞品都受困于「冷启动」难题。
不过 Bernstein 预测 Circle 仅能占据这一 4 万亿美元潜在市场的 30% 份额——较当前 25% 的市占率仅提升 5 个百分点。目前 Tether（USDT）仍以 1585 亿美元供应量占据 65% 市场份额保持主导地位。作为外国发行方，Tether 可能需设立美国子公司以应对新监管要求。
Chhugani 指出，Circle 股价目前对应 2026 年调整后 EBITDA 的 56 倍和 2027 年的 28 倍，反映出投资者对纯正稳定币标的的强烈需求。Bernstein 采用十年现金流折现模型给予 230 美元估值，对应约 35 倍 2027 年调整后 EBITDA。该机构预计 2024-2027 年公司收入年复合增长 47%，EBITDA 增长 71%，USDC 的普及将抵消利率因素导致的收入压力——建议把握市场回调时的买入机会。

<div>6 月 30 日，据 The Block 报道，研究与经纪公司 Bernstein（伯恩斯坦）的分析师首次覆盖稳定币发行商 Circle，给予「跑赢大盘」评级，目标价设定为 230 美元。「Circle 正在构建市场领先的数字美元稳定币网络，拥有监管优势、流动性先发地位和顶级渠道合作，」分析师 Gautam Chhugani 为首的团队在周一客户报告中指出，「我们认为 CRCL 是投资者布局未来十年互联网级金融新基建的必备标的。」分析师预计稳定币将从加密市场支付轨道升级为整个互联网的支付基础设施，总供应量将在十年内从当前 2440 亿美元增长 16 倍至 4 万亿美元。这一增长将源自加密与代币化资本市场、支付系统及稳定币原生金融服务的「变革性发展」。Chhugani 强调，随着美国参议院近期通过《GENIUS 法案》，USDC 将成为该法案下规模最大的受监管稳定币，这种「监管先发优势」将使其成为互联网平台（不限于交易平台）的首选合作伙伴。其 614 亿美元流动性储备难以被缺乏加密渠道飞轮的新晋者复制，多数竞品都受困于「冷启动」难题。不过 Bernstein 预测 Circle 仅能占据这一 4 万亿美元潜在市场的 30% 份额——较当前 25% 的市占率仅提升 5 个百分点。目前 Tether（USDT）仍以 1585 亿美元供应量占据 65% 市场份额保持主导地位。作为外国发行方，Tether 可能需设立美国子公司以应对新监管要求。Chhugani 指出，Circle 股价目前对应 2026 年调整后 EBITDA 的 56 倍和 2027 年的 28 倍，反映出投资者对纯正稳定币标的的强烈需求。Bernstein 采用十年现金流折现模型给予 230 美元估值，对应约 35 倍 2027 年调整后 EBITDA。该机构预计 2024-2027 年公司收入年复合增长 47%，EBITDA 增长 71%，USDC 的普及将抵消利率因素导致的收入压力——建议把握市场回调时的买入机会。</div>

伯恩斯坦给予Circle（CRCL）「跑赢大盘」评级，目标价定为230美元

On June 30, according to <The Block> report, analysts from research and brokerage firm Bernstein first covered the stablecoin issuer Circle, giving it an "outperform" rating with a target price of $230.

"Circle is building a market-leading digital dollar stablecoin network with regulatory advantages, liquidity first-mover position, and top-tier channel partnerships," the team led by analyst Gautam Chhugani noted in Monday's client report, "We believe CRCL is an essential target for investors to layout the next decade's internet-level financial infrastructure."

Analysts expect stablecoins to upgrade from crypto market payment tracks to the payment infrastructure of the entire internet, with total supply growing 16-fold from the current $244 billion to $4 trillion within ten years. This growth will stem from transformative developments in crypto and tokenized capital markets, payment systems, and stablecoin native financial services.

Chhugani emphasized that with the recent passage of the <GENIUS Act> by the US Senate, <USDC> will become the largest regulated stablecoin under the act, and this "regulatory first-mover advantage" will make it the preferred partner for internet platforms (not limited to trading platforms). Its $61.4 billion liquidity reserve is difficult to replicate for newcomers lacking crypto channel flywheels, with most competitors struggling with the "cold start" problem.

However, Bernstein predicts Circle will only capture 30% of this $4 trillion potential market—only a 5 percentage point increase from its current 25% market share. Currently, <Tether> (<USDT>) remains dominant with a 65% market share and $158.5 billion in supply. As a foreign issuer, <Tether> may need to establish a US subsidiary to address new regulatory requirements.

Chhugani noted that Circle's stock currently trades at 56 times adjusted EBITDA for 2026 and 28 times for 2027, reflecting investors' strong demand for pure stablecoin targets. Bernstein used a ten-year discounted cash flow model to assign a $230 valuation, corresponding to about 35 times 2027 adjusted EBITDA. The institution expects the company's revenue to grow at a 47% compound annual rate and EBITDA to grow 71% from 2024-2027, with <USDC>'s proliferation offsetting revenue pressure from interest rate factors—recommending to seize buying opportunities during market pullbacks.

<div>On June 30, according to The Block, analysts from research and brokerage firm Bernstein first covered the stablecoin issuer Circle, giving it an "outperform" rating with a target price of $230."Circle is building a market-leading digital dollar stablecoin network with regulatory advantages, liquidity first-mover position, and top-tier channel partnerships," the team led by analyst Gautam Chhugani noted in Monday's client report, "We believe CRCL is an essential target for investors to layout the next decade's internet-level financial infrastructure."Analysts expect stablecoins to upgrade from crypto market payment tracks to the entire internet's payment infrastructure, with total supply growing 16-fold from the current $244 billion to $4 trillion within ten years. This growth will stem from "transformative developments" in crypto and tokenized capital markets, payment systems, and stablecoin native financial services.Chhugani emphasized that with the recent passage of the GENIUS Act by the US Senate, USDC will become the largest regulated stablecoin under the act, and this "regulatory first-mover advantage" will make it the preferred partner for internet platforms (not limited to trading platforms). Its $61.4 billion liquidity reserve is difficult to replicate for newcomers lacking crypto channel flywheels, with most competitors struggling with the "cold start" problem.However, Bernstein predicts Circle will only capture 30% of this $4 trillion potential market—a mere 5 percentage point increase from its current 25% market share. Currently, Tether (USDT) remains dominant with a 65% market share and $158.5 billion in supply. As a foreign issuer, Tether may need to establish a US subsidiary to address new regulatory requirements.Chhugani noted that Circle's stock currently trades at 56 times adjusted EBITDA for 2026 and 28 times for 2027, reflecting investors' strong demand for pure stablecoin assets. Bernstein used a ten-year discounted cash flow model to value it at $230, corresponding to about 35 times 2027 adjusted EBITDA. The institution expects the company's revenue to grow at a 47% CAGR and EBITDA to grow 71% from 2024-2027, with USDC's proliferation offsetting revenue pressure from interest rate factors—recommending to seize buying opportunities during market pullbacks.</div>

Bernstein gives Circle (CRCL) an "outperform" rating and a price target of $230

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