Bernstein reiterates Circle outperform rating, says Open USD will struggle to challenge Circle's position in the short term.

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Mars Finance News, according to The Block, a report released by Bernstein on Wednesday reiterated an outperform rating for Circle and maintained a $190 price target, implying a potential upside of approximately 203%. The analysis suggests that although Open USD demonstrates widespread recognition in the stablecoin sector, it will be difficult in the short term to challenge Circle's network effects and liquidity advantages. Circle's USDC saw trading volume reach $5.3 trillion in the first half of 2026, a significant year-over-year increase, with its market share rising from about 40% in 2025 to currently around 60%. Meanwhile, Bernstein also maintained an outperform rating for Coinbase, with a price target of $330.
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