Bernstein, a prominent Wall Street asset management firm, remains optimistic about Circle, the issuer of USDC, despite recent market fluctuations. Their analysis suggests solid fundamentals and a competitive edge for USDC. According to a report by The Block, Circle's impressive Q3 revenue of $740 million far surpassed market predictions. Bernstein's analysts emphasized, "We found no reason to change our long-term investment outlook, considering USDC's growth, improved profitability, and the launch of its own Layer 1 Arc (ARC)." This Layer 1 initiative could further enhance USDC's utility and adoption. While competition from payment giants like Stripe is intensifying in the stablecoin space, Bernstein believes USDC's superior liquidity remains a crucial advantage. This liquidity facilitates seamless transactions and makes USDC an attractive option for various payment monetization strategies. Bernstein had previously assigned an outperform rating to Circle, setting a target price of $230. ```