Wall Street broker Bernstein says Circle's USDC market share "is soaring"

Hyperliquid plans to launch its own stablecoin, which may reduce reliance on Circle's USDC. Despite concerns, USDC supply has soared to $72.5 billion, 25% higher than Bernstein’s forecast for 2025. USDC's market share relative to Tether has grown to 30% from 28% in the previous quarter. Despite $5.5 billion in USDC collateral on Hyperliquid, Bernstein notes that there are challenges in guiding the liquidity of new stablecoins in the derivatives market. The company maintained Circle’s “outperform” rating with a target price of $230, citing the benefits of expanding USDC supply and the rate cut could trigger risk appetite.