Bernstein keeps $140 Circle target even if CLARITY Act fails

Bernstein maintained a bullish stance on Circle despite regulatory uncertainty around stablecoin legislation. The brokerage kept its Outperform rating and $140 price target on the company, suggesting meaningful upside from recent trading levels. The analyst's thesis rests on the view that USDC adoption and growing blockchain-based financial activity can drive Circle's growth independent of whether the CLARITY Act becomes law, positioning the company to benefit from broader crypto infrastructure expansion regardless of the regulatory path forward.

• Bernstein's $140 target implies Circle has significant upside potential, decoupled from legislative outcomes on stablecoin regulation.
• The thesis centers on USDC traction and on-chain financial activity as independent growth drivers, rather than relying on favorable regulatory passage.
• The call suggests the firm sees Circle's value proposition as resilient to both regulatory wins and setbacks.