According to Bernstein's analysis, stablecoins are increasingly decoupling from the overall volatility of the cryptocurrency market and are playing a more foundational role as "digital dollar bank" infrastructure. The company has raised its target price for Circle Internet Financial, highlighting its strong applications in the payments sector and emerging artificial intelligence use cases. Circle's IPO is oversubscribed in 2025, with the company's valuation approaching $7 billion, and its stock price has risen approximately 41% so far this year. The supply of USDC has rebounded to about $78 billion, while Tether's USDT supply is close to $183 billion, highlighting the sector's strong growth momentum.