最新报道：According to CoinWorld, analysts at research and brokerage firm Bernstein say Circle is poised to become a dominant stablecoin network and reiterated their $230 price target for the company's stock, representing a potential 40% upside from current levels. The analysts, led by Gautam Chhugani, stated in a note to clients Wednesday following the release of Circle's second-quarter financial results on Tuesday: "Our long-term thesis for Circle is that the most liquid, regulated stablecoin will win the position as the dominant stablecoin network." Despite investor concerns about the potential entry of competitor Tether into the US market, new stablecoin competition, and interest rate pressure, the analysts believe Circle's liquidity, regulatory advantages, and payments-focused approach position it for long-term dominance. Investors are concerned that Tether's entry into the US market could threaten USDC (USDC) in the US under the GENIUS Act recently signed by President Donald Trump. However, analysts say that even if a compliant USDT were to launch, it would be starting from scratch and lack scale, while Circle's strong partnerships with banks, payment companies, and major exchanges, as well as its growing market share, make it the preferred stablecoin. Others are concerned about new stablecoin competition, with companies like JPMorgan Chase, Bank of America, PayPal, and Robinhood already launching or considering stablecoins. However, analysts say Circle maintains its advantage as the most liquid payments stablecoin, benefiting from its growing market share, network effects across 24 blockchains, regulatory advantages, and strong infrastructure. Regarding how Circle will navigate a potential falling interest rate environment under the Trump administration, Chhugani stated that Circle's float revenue could take a hit, but growing demand for USDC in the Bitcoin and DeFi markets, its growing market share on Binance, and operating leverage should help offset revenue pressure and support profit margins. Analysts concluded that Circle is aiming for the "big prize" of transforming payments and financial services through stablecoins, which will determine the stock's long-term fate. The company is balancing recent market gains through partnerships with Coinbase, Binance, and OKX, while navigating the interest rate environment and building infrastructure like the Circle Gateway, Payments Network, and Arc blockchain to ensure its future dominance and distribution advantage. According to The Block's data dashboard, Circle is currently the second-largest stablecoin issuer, holding $650 billion of the $260 billion USD-pegged stablecoin supply. Following its record-breaking $1.2 billion initial public offering (IPO) in June, Circle unveiled plans for its stablecoin-focused layer 1 blockchain, Arc, on Tuesday, expected to launch on a public testnet this fall. This EVM-compatible chain aims to provide an enterprise-grade foundation for stablecoin payments, foreign exchange, and capital markets applications. The company stated that Arc will use USDC as its native cryptocurrency, offering stablecoins, sub-second settlement, and opt-in privacy, while fully integrating with Circle's platform and maintaining interoperability with other partner blockchains. Bernstein analysts stated that Arc further creates demand for USDC, adding more payment- and banking-focused transaction volumes, and that USDC's value adds to its revenue stream. The news came alongside Circle's second-quarter financial results released on Tuesday. USDC in circulation increased 90% year-over-year to $61.30 billion during the quarter, and further increased by 6.4% to $65.20 billion by August 10th. "A key positive was the increase in the proportion of USDC held directly on Circle's own platform to 10% of total supply (from 6% in Q1), primarily due to ecosystem partners building on Circle's infrastructure," said analysts at Bernstein. "These balances do not incur distribution costs, and Circle retains all reserve revenue, thereby improving profit margins. The average USDC supply on Coinbase rose slightly quarter-over-quarter, from 22% to 23%, while the supply on Binance rose from 9% to 13%." Total revenue and reserve revenue increased 53% to $658 million. Other revenue increased 252% year-over-year, reflecting strong growth in subscription, services, and trading revenue. Adjusted EBITDA increased 52% year-over-year to $126 million. However, despite these growth metrics, the company also reported a net loss of $482 million, primarily due to $591 million in non-cash charges related to its IPO, including $424 million in stock-based compensation and a $167 million increase in the fair value of convertible debt. Chhugani stated, “As we have long emphasized, the second quarter was virtually inconsequential for the cryptocurrency names we cover, as Circle’s June 5th IPO attracted significant investor interest in the crypto market.”All evidence points to Q3 being a key quarter to track (hint: watch ETH price action and USDC growth in Q3). Circle’s stock rose 1.3% to $163.21 following the news on Tuesday, but fell 5.4% in early trading Wednesday, according to The Block’s CRCL price page. Chhugani maintains long positions in various cryptocurrencies. Bernstein and its affiliates may receive compensation for investment banking services provided by Circle.