Bernstein уверены в стабильности Circle, несмотря на падение акций Translation: Bernstein confident in Circles stability despite stock decline

Shares of Circle experienced a decline of 12.2%, even in light of a robust third-quarter report. Analysts at Bernstein argue that the concerns among investors are unfounded, as noted by The Block.

The company’s revenue reached $740 million, while adjusted EBITDA was $166 million, marking increases of 5% and 26% over analysts’ predictions, respectively. Revenue from reserves rose by 12%, amounting to $711 million.

Bernstein attributed the decline in stock prices to investor fears about a potential drop in interest rates and competition. Experts labeled these concerns as «misplaced» and found no reason to alter their long-term outlook.

They also pointed to a 20% increase in USDC supply over the quarter, bringing it to $73.7 billion, with the stablecoin’s market share reaching 29%.

In the report, the company stated it is «exploring the possibility» of launching a native token for the Arc network, which would coexist with USDC.

While analysts acknowledged threats from competitors such as Stripe, they view liquidity as USDC’s key advantage. They reminded that even PayPal and Ripple have faced challenges when attempting to launch their own stablecoins.

Bernstein has maintained an Outperform rating for Circle’s shares with a target price of $230, suggesting a potential upside of 167% from the closing price on November 12 ($86.3).

The volume of B2B payments in «stablecoins» has surged over 50-fold since January 2023, reaching $6.4 billion by August 2025. Fiat-pegged tokens are evolving from trading instruments to foundational infrastructure for global business, according to a report by Binance Research.

Data from the analytics firm Artemis indicates that the total volume of stablecoin payments has increased 5.4 times since the beginning of 2023, exceeding $10 billion, with B2B transactions accounting for about 63% of that figure.

These findings are corroborated by a September 2025 survey by Ernst and Young, which revealed that 62% of respondents used this asset class for cross-border payments to suppliers, while 53% utilized it for receiving payments from business partners.

The trend toward utilitarian use is evident in user behavior. According to Binance, 88% of its monthly active users engage with non-trading products like Earn, Pay, and Convert, whereas only 12% are involved in active trading.

The market for centralized stablecoins remains concentrated, with USDT and USDC comprising 84% of the total supply.

Analysts at Binance Research have noted that fiat-pegged assets are transitioning from niche trading tools to components of essential financial infrastructure.

The increase in B2B payments, shifts in user behavior, and the emergence of clear regulations lay the groundwork for further integration of «stablecoins» into global commerce.

It is worth noting that in October, Bernstein specialists forecasted nearly a threefold increase in USDC supply over the next two years.