Bernstein analysts reiterated their bullish view on stablecoin issuer Circle in a report released Tuesday, maintaining an "outperform" rating and a price target of $190, implying approximately 70% upside from Monday's closing price. The analysts believe that stablecoins are increasingly out of sync with the broader cryptocurrency market cycle, and their adoption has remained resilient even during periods of cryptocurrency market volatility. While USDC supply briefly declined following liquidity events and overall market corrections in October, it has since rebounded to a new high of approximately $78 billion in circulation, while Bitcoin's trading price remains well below its previous peak. Meanwhile, Tether's USDT supply is approximately $184 billion. (The Block)