{"id":90994,"date":"2025-11-13T15:48:27","date_gmt":"2025-11-13T12:48:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=90994"},"modified":"2025-11-13T15:50:54","modified_gmt":"2025-11-13T12:50:54","slug":"bernstein-affirms-resilience-of-usdc-issuer","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bernstein-affirms-resilience-of-usdc-issuer\/","title":{"rendered":"Bernstein Affirms Resilience of USDC Issuer"},"content":{"rendered":"<p>Shares of Circle, the issuer, fell by 12.2% despite a strong <a href=\"https:\/\/www.circle.com\/pressroom\/circle-reports-third-quarter-2025-results\">third-quarter report<\/a>. Analysts at Bernstein consider investors&#8217; concerns unfounded, reports <a href=\"https:\/\/www.theblock.co\/post\/378710\/circle-q3-resilience-despite-rate-cut-fears-frenemies-driven-bear-narrative-bernstein\">The Block<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-359d02079f16e5ff-9430597440047161.webp\" alt=\"Screenshot 2025-11-13 145733\" class=\"wp-image-269632\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.google.com\/finance\/quote\/CRCL:NYSE\">Google Finance<\/a>.<\/figcaption><\/figure>\n<p>The company&#8217;s revenue amounted to $740 million, and adjusted <span data-descr=\"earnings before interest, taxes, depreciation, and amortization\" class=\"old_tooltip\">EBITDA<\/span> was $166 million. These figures are 5% and 26% above analysts&#8217; forecasts, respectively. Income from reserves increased by 12% to $711 million.<\/p>\n<p>Bernstein attributed the decline in shares to concerns about potential interest rate cuts and competition. Experts deemed these fears &#8220;misplaced&#8221; and found no reason to alter the long-term forecast.<\/p>\n<p>They noted a 20% increase in the supply of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> over the quarter, reaching $73.7 billion. The market share of the <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">stablecoin<\/a> reached 29%.<\/p>\n<p>In the report, the company stated that it is &#8220;exploring the possibility&#8221; of issuing a native token for the Arc network, which would coexist with USDC.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"forklog\/46148\" data-width=\"100%\"><\/script><\/p>\n<p>Analysts acknowledged the threat from competitors like Stripe but consider liquidity to be USDC&#8217;s main advantage. They noted that even PayPal and Ripple faced challenges when launching their own &#8220;stablecoins.&#8221;<\/p>\n<p>Bernstein maintained an <span data-descr=\"above market\" class=\"old_tooltip\">Outperform<\/span> rating for Circle&#8217;s shares with a target price of $230. This suggests a potential increase of 167% from the closing price on November 12 ($86.3).<\/p>\n<h2 class=\"wp-block-heading\">B2B Payments in Stablecoins<\/h2>\n<p>The volume of B2B payments in &#8220;stablecoins&#8221; has increased more than 50 times since January 2023, reaching $6.4 billion by August 2025. Fiat-pegged tokens are transforming from a trading tool into infrastructure for global business, according to a report by <a href=\"https:\/\/www.binance.com\/en\/research\/analysis\/the-stablecoin-business\">Binance Research<\/a>.<\/p>\n<p>According to data from the analytics company Artemis, the total volume of stablecoin payments since the beginning of 2023 has increased 5.4 times, exceeding $10 billion. The B2B segment accounts for about 63% of this amount.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-743601caac17d54b-9430660645631196.webp\" alt=\"Screenshot 2025-11-13 150723\" class=\"wp-image-269634\"\/><figcaption class=\"wp-element-caption\">Source: Binance Research\/Artemis.<\/figcaption><\/figure>\n<p>Findings are confirmed by a survey from Ernst and Young in September 2025: 62% of respondents used this asset class for cross-border settlements with suppliers, and 53% for receiving payments from business partners.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-61e95ba6b579954e-9430676942603093.webp\" alt=\"Screenshot 2025-11-13 150850\" class=\"wp-image-269635\"\/><figcaption class=\"wp-element-caption\">Source: Binance Research\/Ernst and Young.<\/figcaption><\/figure>\n<p>The trend towards utilitarian use is reflected in user behavior. According to Binance, 88% of the exchange&#8217;s monthly active clients use non-trading products such as Earn, Pay, and Convert. Only 12% are actively engaged in trading.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-888b0acf5ca01361-9430697473112389.webp\" alt=\"Screenshot 2025-11-13 150925\" class=\"wp-image-269636\"\/><figcaption class=\"wp-element-caption\">Source: Binance Research.<\/figcaption><\/figure>\n<p>The market for centralized stablecoins remains concentrated. Tether (USDT) and Circle (USDC) account for 84% of the total supply.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-23fba2e0573190e0-9430717079764760.webp\" alt=\"Screenshot 2025-11-13 151026\" class=\"wp-image-269637\"\/><figcaption class=\"wp-element-caption\">Source: Binance Research\/Artemis.<\/figcaption><\/figure>\n<p>Analysts at Binance Research noted that fiat-pegged assets are transitioning from niche trading instruments to elements of basic financial infrastructure.<\/p>\n<p>The growth of B2B payments, changes in user behavior, and the emergence of clear regulations lay the foundation for further integration of &#8220;stablecoins&#8221; into global commerce.<\/p>\n<p>In October, Bernstein experts <a href=\"https:\/\/forklog.com\/en\/news\/bernstein-predicts-usdc-market-cap-to-triple\">forecasted<\/a> nearly a threefold increase in USDC supply over two years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Circle fell by 12.2% despite a strong third-quarter report. Bernstein analysts consider investors&#8217; concerns unfounded.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Circle shares fell 12.2% despite strong Q3 report; Bernstein sees investor fears as unfounded.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1643,744,1220,1252,807,910],"class_list":["post-90994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bernstein","tag-binance","tag-circle","tag-reports","tag-stablecoins","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"88","promo_type":"1","layout_type":"1","short_excerpt":"Circle shares fell 12.2% despite strong Q3 report; Bernstein sees investor fears as unfounded.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=90994"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90994\/revisions"}],"predecessor-version":[{"id":90995,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90994\/revisions\/90995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=90994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=90994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=90994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}