Svmuu News: Shares of stablecoin issuer Circle briefly rose above $90, hitting a high not seen since last November, before retreating to around $87. This followed the company’s release of fourth-quarter earnings that exceeded market expectations, driving the stock price up by approximately 30% following the earnings announcement.Bernstein analysts maintained their “Outperform” rating on Circle with a $190 price target, noting that the company’s performance demonstrates a growth trajectory that is “clearly distinct from the broader crypto market.” The report highlighted that Circle’s expansion into the infrastructure sector is generating new revenue streams with higher profit margins, rather than relying solely on stablecoin reserve yields.Analysts noted that Circle’s transaction-related revenue continues to grow, including blockchain rewards earned as a super validator on the Canton network. Meanwhile, the proportion of USDC directly held on the Circle platform has risen to 17% of the total supply, up from 14% in the previous quarter.The company expects USDC circulation to maintain an annual growth rate of approximately 40% in the future and projects that non-reserve revenue will reach approximately $170 million in 2026, up from approximately $110 million in 2025.Bernstein is also bullish on Circle’s expansion into new product areas, including the Arc platform, the Circle Payments Network, and “automated payments” capabilities for AI agents. Meanwhile, Mizuho analysts note that as stablecoins see increased adoption in new use cases such as prediction markets—for example, on the Polymarket platform—Circle’s revenue structure is expected to diversify further.Overall, market attention is gradually shifting toward whether Circle can establish a more balanced revenue structure as it expands its stablecoin ecosystem.