Bernstein reaffirmed its Outperform rating on Circle Internet Group and kept its $190 price target, implying 203% upside, a day after CRCL stock closed down 17.5% on the launch of Open USD, a stablecoin backed by more than 140 companies, including Visa, Stripe, Mastercard, BlackRock, and Coinbase.
According to a note on Wednesday, Bernstein also retained its Outperform rating and $330 price target on Coinbase.
What is Open USD
Open USD will be run by Open Standard, an independent company governed by a board of its own partners rather than by a single issuer.
Minting and redemption, two key ends of stablecoin infrastructure, are free with no issuance caps, and reserve earnings are shared across the partner network rather than retained by one company.
