Bernstein SocGen Downplays Stablecoin Competition Risks on Circle Internet Group (CRCL)

Circle Internet Group Inc. (NYSE:CRCL) is one of the best tech stocks to buy, according to Cathie Wood. On September 9, analysts at Bernstein SocGen Group reiterated an “Outperform” rating on the stock and a $230 price target.

In its research note, Bernstein SoGen reiterated that Circle Internet does not face significant risks with its USDC stablecoin. The stablecoin is currently being used as collateral on Hyperliquid, a leading on-chain futures exchange.

Paxos’ proposal to use a USDH stablecoin for the Hyperledger ecosystem had raised serious concerns. There were concerns that 95% of the interest earned from USDH could end up being used to purchase the Hyperliquids native token, Hype. While Circle is well-positioned to face new competition with the GENIUS ACT, Bernstein does not see it posing significant risks to the USDC stablecoin.

Circle Internet Group Inc. (NYSE:CRCL) is a global financial technology firm that enables businesses of all sizes to harness the power of cryptocurrency and public blockchains for payments and commerce worldwide.

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Disclosure: None. This article is originally published at Insider Monkey.