Bernstein keeps $140 Circle target even if CLARITY Act fails

Bernstein has maintained an Outperform rating and $140 price target on Circle Internet Group, implying about 59% upside after CRCL closed Friday at $87.98, as the brokerage expects USDC adoption to support the company even without passage of the CLARITY Act. Summary Bernstein maintained its Outperform rating and $140 Circle price target, implying about 59% upside from Friday’s close. USDC supply increased by about $1.7 billion over the past week after nearly six months of largely flat growth. Adjusted stablecoin transaction volume is tracking at a $17 trillion annualized rate through July, according to Bernstein. Bernstein said Circle’s growth cycle can continue even if the CLARITY Act does not pass in September. Circle said more than 900 paid services use Agent Stack, with 99.3% of x402 agent payment volume settling in USDC. Bernstein analysts led by Gautam Chhugani said in an Aug. 24 note that Circle’s next growth cycle does not depend on Congress passing the U.S. crypto market structure bill during the September session. Circle shares gained more than 5% on Aug. 21 before closing at $87.98, according to Yahoo Finance data. The $140 target would put the stock about 59% above Frid...