Bernstein analysts say a new growth cycle is kicking off for the USDC stablecoin. According to their research, USDC supply jumped by about $2 billion in just one week—a big shift after six months of either stagnation or decline.

Why Is USDC Supply Surging?

Bernstein’s team links the spike in USDC activity to a revived crypto market, higher payment volumes, and the boom in asset tokenization. They believe these trends could fuel the next wave of USDC adoption as the stablecoin gets more traction.

Bernstein’s Take on Circle Stock

Bernstein is sticking with its Outperform rating on Circle, the company behind USDC. The target price remains $140, a sign the analysts are bullish on Circle’s outlook as market conditions evolve.

USDC’s Share of Stablecoin Transactions

Bernstein estimates USDC’s share of adjusted stablecoin transaction volume will climb from around 40% in 2025 to over 60% in 2026. That points to USDC’s growing influence in the stablecoin market and its rising demand among crypto players.