Circle Internet Group (NYSE: CRCL) is a popular cryptocurrency firm that is best known for its USDC stablecoin. It recently acquired IBM's blockchain patent portfolio, adding more than 680 pa
Circle Internet Group (NYSE: CRCL) is a popular cryptocurrency firm that is best known for its USDC stablecoin. It recently acquired IBM's blockchain patent portfolio, adding more than 680 patent families and nearly 1,000 issued patents worldwide to its intellectual property.
The company is set to report its financial results for the second quarter of 2026 on Aug. 5.
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Ahead of the earnings, Bernstein lowered its price target on the Circle stock by 25% from $190 to $140.
USDC supply ended Q2 2026 at approximately $73 billion, down from $77 billion in Q1. The average supply rose modestly from approximately $75 billion to $76 billion quarter-over-quarter (QoQ).
The firm lowered its USDC supply estimate to reach approximately $170 billion by 2028, down from the previous estimate of $290 billion, adjusting for crypto market weakness.
The firm maintained a 32% compound annual growth rate in its 10-year USDC growth model but adjusted near-term 2027-28 USDC estimates for native crypto cyclicality. The resulting impact on reserve income is partially offset by higher reserve yields.
Bernstein’s USDC reserve income estimate for 2026, 2027, and 2028 declined by around 17%, 18%, and 13%. The firm expects USDC growth to be driven by partnerships in payments, financial services, real-world assets (RWA) tokenization, and its role in the agentic economy.
While Bernstein lowered its price target on the Circle stock to $140, the analyst maintained an Outperform rating.
The CRCL stock closed 4.60% lower at $61.36 on July 29.
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