Bernstein reiterated its outperform rating on Circle, stating that Open USD will find it difficult to challenge Circle's position in the short term

According to The Block, Bernstein reiterated its outperform rating on Circle in a report released on Wednesday, maintaining a target price of $190, representing a potential upside of approximately 203%.

Analysts believe that while Open USD shows that the stablecoin sector is widely recognized, it will be difficult in the short term to challenge Circle's network effects and liquidity advantages. Circle's USDC saw a trading volume of $5.3 trillion in the first half of 2026, a significant year-on-year increase, with its trading volume share rising from about 40% in 2025 to approximately 60% currently.

At the same time, Bernstein also maintains an outperform rating on Coinbase, with a target price of $330.