Bernstein analysts cover stablecoin issuer Circle for the first time, giving it an "outperform" rating with a price target of $230. Analysts expect stablecoins to upgrade from crypto market payment rails to internet-wide payment infrastructure, with total supply increasing 16-fold from the current $244 billion to $4 trillion within a decade. This growth will result from "transformative developments" in crypto and tokenized capital markets, payment systems, and stablecoin-native financial services.