Shares of Circle Internet Group climbed to $111.84 Monday, their highest level since early November, after analysts pointed to accelerating adoption of stablecoins across payments and digital services. The rally reflects growing investor attention on stablecoins as infrastructure for global digital dollar transactions.
The stock gained 9.74% during the session, according to market data. In a research note Tuesday, Bernstein analysts reiterated an “outperform” rating on Circle and set a $190 price target. That projection implies roughly 70% upside from Monday’s closing price if adoption trends continue.
Are Stablecoins Becoming Core Internet Payment Rails?
Bernstein’s analysis suggests stablecoin usage is increasingly decoupling from broader crypto market cycles. Circulating supply of USD Coin (USDC) now stands near $78 billion, recovering after a temporary decline during an October liquidity event. For comparison, Tether’s USD₮ (USDT) supply remains larger at about $184 billion.
Transaction activity shows similar expansion. Total stablecoin transfer volume reached roughly $55 trillion in 2025, up 98% year over year, according to the Bernstein report. When excluding bot-driven or high-frequency trading flows, adjusted transaction volume still reached about $11 trillion, reflecting a 91% annual increase.
Payment activity is emerging as a central driver. Consumer and business payments using stablecoins totaled approximately $375 billion in 2025, a 76% increase from the previous year. Consumer-to-business transfers grew even faster, jumping 131% as merchants and fintech platforms tested blockchain-based settlement.
“Stablecoin adoption has remained persistent independent of crypto market sentiment,” Bernstein analysts wrote, describing the asset class as evolving into “global digital dollar banking” infrastructure with expanding payment utility.
Traditional payment networks are also participating. Visa currently supports more than 130 stablecoin-linked cards operating across 50 countries, generating roughly $4.6 billion in annualized settlement volume, according to the report.
Circle itself is expanding its cross-border payments infrastructure through the Circle Payments Network, which allows institutions to send USDC transfers that convert into local currency payouts through regulated partners. The network now includes about 55 financial institutions and handled roughly $5.7 billion in annualized volume as of February 2026.
Still, the next phase may extend beyond human payments. Analysts highlighted emerging machine-to-machine transactions, where autonomous AI systems could use stablecoins for API access, data services, and digital resources. The next catalyst will likely come as these automated payment models begin moving from pilot programs into commercial deployment.
