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Bernstein: CLARITY Act Yield Compromise to Strengthen Circle's Competitive Edge
Odaily. Bernstein stated in its latest research report that the newly reached compromise on stablecoin yields under the U.S. CLARITY Act is structurally beneficial for Circle and the USDC ecosystem.The report notes that the current version of the bill prohibits stablecoin issuers from paying interest to passive holders that is "economically equivalent" to bank deposits, but allows reward mechanisms tied to actual transaction, payment, and usage activities to continue. Bernstein believes this means Circle's current model, which relies on partners like Coinbase to provide USDC reward programs, will gain regulatory recognition, while also limiting the industry's ability to compete for market share through high yields.Bernstein points out that the bill effectively reinforces the positioning of stablecoins as "payment tools" rather than "deposit substitutes," helping to protect Circle's current business model that relies on reserve income. The firm maintains an "Outperform" rating for Circle with a $190 target price.Data shows that the total global supply of dollar-pegged stablecoins has surpassed $300 billion, with USDT and USDC collectively accounting for approximately 97% of the market share. Bernstein notes that USDC's share in on-chain payments and wallet transfers is steadily increasing, and its share of payments in the AI Agent payment protocol x402 has exceeded 99%.Additionally, Bernstein mentioned that Circle's ARC chain has cumulatively completed 244 million testnet transactions. The ARC token pre-sale previously raised $222 million, with investors including a16z crypto, Apollo Funds, ARK Invest, and BlackRock.However, the report also points out that the CLARITY Act still needs to complete multiple legislative procedures before it takes effect, including a 60-vote threshold in the full Senate and coordination with the House version. Polymarket currently estimates its probability of passage by 2026 at approximately 62%. (The Block)
Bernstein maintains its “Outperform” rating on Circle with a target price of $190.
According to The Block, research and brokerage firm Bernstein has maintained its “Outperform” rating on Circle Internet Group (CRCL), with a target price of $190—representing approximately 44% upside from Monday’s closing price of $131.76. Analysts led by Gautam Chhugani noted that Circle’s $222 million ARC token presale—completed at a fully diluted valuation of $3 billion—provides the company with near-term cushioning against a 11% sequential decline in reserve income driven by weakening interest rates.
Circle Completes $222 Million ARC Token Presale, Valued at $3 Billion
According to @cryptounfolded, Circle has completed the Arc token presale, raising $222 million with a fully diluted valuation of $3 billion. The round was led by a16z, with participation from major institutions including BlackRock and Apollo. Arc is positioned as a public blockchain for institutional contracts, governance, and AI agents, using USDC as its underlying settlement currency. Circle will receive 25% of the tokens for validator rewards.
Circle Q1 Revenue Reaches $694 Million, USDC On-Chain Transaction Volume Up 263% Year-over-Year
Circle has released its financial results for the first quarter of fiscal year 2026. The data shows that as of the end of the first quarter, the circulating supply of USDC reached $77 billion, a year-over-year increase of 28%; on-chain transaction volume for USDC in the first quarter reached $21.5 trillion, up 263% year-over-year.The financial report indicates that Circle's total revenue and reserve income for the first quarter was $694 million, a 20% increase year-over-year; adjusted EBITDA was $151 million, up 24% year-over-year; net profit was $55 million, a 15% decrease year-over-year.Additionally, Circle disclosed that its ARC Token pre-sale raised $222 million, with a fully diluted valuation of $3 billion. Participants included institutions such as a16z crypto, BlackRock, and ARK Invest. The company also announced the launch of the "Agent Stack" infrastructure for AI agent scenarios, including products like Agent Wallets and Agent Marketplace, designed to support AI agent payments and commercial activities based on USDC.
OpenAI appoints AI safety researcher Paul Christiano to the board of directors.
According to TechCrunch, AI alignment researcher Paul Christiano has officially joined the board of directors of the OpenAI Foundation and will serve as a member of its Safety and Security Committee. Christiano stated that he believes the rapid acceleration of AI capabilities poses a significant risk of "catastrophic and irreversible loss of control," and that the AI industry, including OpenAI, is not currently on track to effectively mitigate this risk. His appointment comes against the backdrop of several recent security incidents at OpenAI involving AI agents breaching constraints and infiltrating external computer systems, prompting widespread scrutiny of its safety protocols. Christiano is one of the core developers of the reinforcement learning (RLHF) technology. After leaving OpenAI in 2021 to found the Alignment Research Center (ARC), he will also continue to serve as an AI safety advisor to the U.S. government, though he will recuse himself from OpenAI-related matters and model evaluation work.
Bernstein: CLARITY Act Yield Compromise to Strengthen Circle's Competitive Edge
Odaily. Bernstein stated in its latest research report that the newly reached compromise on stablecoin yields under the U.S. CLARITY Act is structurally beneficial for Circle and the USDC ecosystem.The report notes that the current version of the bill prohibits stablecoin issuers from paying interest to passive holders that is "economically equivalent" to bank deposits, but allows reward mechanisms tied to actual transaction, payment, and usage activities to continue. Bernstein believes this means Circle's current model, which relies on partners like Coinbase to provide USDC reward programs, will gain regulatory recognition, while also limiting the industry's ability to compete for market share through high yields.Bernstein points out that the bill effectively reinforces the positioning of stablecoins as "payment tools" rather than "deposit substitutes," helping to protect Circle's current business model that relies on reserve income. The firm maintains an "Outperform" rating for Circle with a $190 target price.Data shows that the total global supply of dollar-pegged stablecoins has surpassed $300 billion, with USDT and USDC collectively accounting for approximately 97% of the market share. Bernstein notes that USDC's share in on-chain payments and wallet transfers is steadily increasing, and its share of payments in the AI Agent payment protocol x402 has exceeded 99%.Additionally, Bernstein mentioned that Circle's ARC chain has cumulatively completed 244 million testnet transactions. The ARC token pre-sale previously raised $222 million, with investors including a16z crypto, Apollo Funds, ARK Invest, and BlackRock.However, the report also points out that the CLARITY Act still needs to complete multiple legislative procedures before it takes effect, including a 60-vote threshold in the full Senate and coordination with the House version. Polymarket currently estimates its probability of passage by 2026 at approximately 62%. (The Block)
Bernstein maintains its “Outperform” rating on Circle with a target price of $190.
According to The Block, research and brokerage firm Bernstein has maintained its “Outperform” rating on Circle Internet Group (CRCL), with a target price of $190—representing approximately 44% upside from Monday’s closing price of $131.76. Analysts led by Gautam Chhugani noted that Circle’s $222 million ARC token presale—completed at a fully diluted valuation of $3 billion—provides the company with near-term cushioning against a 11% sequential decline in reserve income driven by weakening interest rates.
Circle CEO: ARK tokens belonging to the company will be recorded as "other income" at zero cost
Circle co-founder and CEO Jeremy Allaire responded to questions from various analysts during tonight's earnings call.When asked how ARK tokens belonging to Circle would be accounted for, Jeremy Allaire said: "When ARK tokens are created, they will be recorded on Circle's balance sheet at cost, and that cost is zero. Then, after Circle fulfills its obligations under the token presale agreement, we will recognize the value of these tokens as 'other income,' which will then be directly reflected in RLDC (Revenue Less Distribution Cost) and adjusted EBITDA."
OpenAI Releases GPT-6 Astra Model, Claims It May Be Close to Achieving AGI
: OpenAI began rolling out its new flagship model, GPT-6 Astra, on Thursday, stating that it has made significant progress in commercial tasks such as financial modeling and engineering design. The model is initially available only to select institutions, including organizations participating in OpenAI's Daybreak Access cybersecurity program, and will later be rolled out to ChatGPT Plus, Pro, Business, and Enterprise users, as well as users via the API and Amazon Web Services. OpenAI stated that GPT-6 Astra has achieved notable improvements in computer operations, software programming, and professional work, and has reached top-tier performance on the FrontierMath Tier 1 mathematics benchmark, the ARC-AGI 3 reasoning test, and the ExploitBench cybersecurity test. Greg Brockman, co-founder and president of OpenAI, said that the timeline for achieving artificial general intelligence (AGI) has always been somewhat ambiguous, but "looking back a few years from now," this milestone "may fall precisely within this period, right around this model." GPT-6 Astra is priced at $10 per million input tokens and $50 per million output tokens, which is 2.5 times the price of the previous flagship model, GPT-5.6 Sol. OpenAI stated that the AI industry may shift toward charging per task rather than per token in the future. Brockman said at the launch event: "Welcome to the age of AGI." (Jin Shi)
Circle’s public blockchain Arc reportedly launched privately, with LayerZero and LI.FI already deployed
: On July 13, crypto KOL @amathxbt and others revealed that Circle’s public chain Arc may have been launched non-publicly. Cross-chain protocols LayerZero and LI.FI have been deployed on the Arc network, but community testing has not yet been publicly opened. Arc is a public Layer 1 blockchain, positioned as the "economic operating system of the internet," providing shared and composable infrastructure to support economic contracts, stablecoins, tokenized assets, and global market operations. In May this year, Circle officially released the ARC whitepaper, outlining the design framework of ARC as the native coordination asset of the Arc blockchain network. The Arc public testnet launched in October 2025, with the mainnet expected to go live in the summer of 2026.
Bernstein: CLARITY Act Yield Compromise to Strengthen Circle's Competitive Edge
Odaily. Bernstein stated in its latest research report that the newly reached compromise on stablecoin yields under the U.S. CLARITY Act is structurally beneficial for Circle and the USDC ecosystem.The report notes that the current version of the bill prohibits stablecoin issuers from paying interest to passive holders that is "economically equivalent" to bank deposits, but allows reward mechanisms tied to actual transaction, payment, and usage activities to continue. Bernstein believes this means Circle's current model, which relies on partners like Coinbase to provide USDC reward programs, will gain regulatory recognition, while also limiting the industry's ability to compete for market share through high yields.Bernstein points out that the bill effectively reinforces the positioning of stablecoins as "payment tools" rather than "deposit substitutes," helping to protect Circle's current business model that relies on reserve income. The firm maintains an "Outperform" rating for Circle with a $190 target price.Data shows that the total global supply of dollar-pegged stablecoins has surpassed $300 billion, with USDT and USDC collectively accounting for approximately 97% of the market share. Bernstein notes that USDC's share in on-chain payments and wallet transfers is steadily increasing, and its share of payments in the AI Agent payment protocol x402 has exceeded 99%.Additionally, Bernstein mentioned that Circle's ARC chain has cumulatively completed 244 million testnet transactions. The ARC token pre-sale previously raised $222 million, with investors including a16z crypto, Apollo Funds, ARK Invest, and BlackRock.However, the report also points out that the CLARITY Act still needs to complete multiple legislative procedures before it takes effect, including a 60-vote threshold in the full Senate and coordination with the House version. Polymarket currently estimates its probability of passage by 2026 at approximately 62%. (The Block)
a16z Explains Its Investment Logic for Arc: $9 Trillion Stablecoin Market as the Catalyst—The “Economic Operating System” Will Reshape Onchain Finance’s Foundation
a16z Crypto published a post explaining its investment rationale for Arc, noting that stablecoins have evolved from crypto-native trading tools into the foundational layer of global financial infrastructure—and are now driving blockchain’s evolution from “application-layer finance” to a “system-level economic operating system.” Last year, stablecoin transaction volume reached approximately $9 trillion—placing it on par with global payment networks such as Visa and PayPal. The total supply of USD-pegged stablecoins has surpassed $270 billion. Cross-border payments, B2B settlements, and foreign exchange transactions are emerging as core use cases for stablecoins, positioning them increasingly as the “global capital flow upgrade layer.” a16z Crypto stated that existing blockchain infrastructure remains primarily geared toward crypto-native users and individual developers, lacking native support for large-scale institutional requirements. Its participation in building the ARC token ecosystem stems from the expectation that, as global finance gradually migrates on-chain, only a select few public blockchains will be capable of serving as the foundational bedrock for “on-chain economic systems.”
Circle Q1 Revenue Reaches $694 Million, USDC On-Chain Transaction Volume Up 263% Year-over-Year
Circle has released its financial results for the first quarter of fiscal year 2026. The data shows that as of the end of the first quarter, the circulating supply of USDC reached $77 billion, a year-over-year increase of 28%; on-chain transaction volume for USDC in the first quarter reached $21.5 trillion, up 263% year-over-year.The financial report indicates that Circle's total revenue and reserve income for the first quarter was $694 million, a 20% increase year-over-year; adjusted EBITDA was $151 million, up 24% year-over-year; net profit was $55 million, a 15% decrease year-over-year.Additionally, Circle disclosed that its ARC Token pre-sale raised $222 million, with a fully diluted valuation of $3 billion. Participants included institutions such as a16z crypto, BlackRock, and ARK Invest. The company also announced the launch of the "Agent Stack" infrastructure for AI agent scenarios, including products like Agent Wallets and Agent Marketplace, designed to support AI agent payments and commercial activities based on USDC.
Related news
OpenAI appoints AI safety researcher Paul Christiano to the board of directors.
According to TechCrunch, AI alignment researcher Paul Christiano has officially joined the board of directors of the OpenAI Foundation and will serve as a member of its Safety and Security Committee. Christiano stated that he believes the rapid acceleration of AI capabilities poses a significant risk of "catastrophic and irreversible loss of control," and that the AI industry, including OpenAI, is not currently on track to effectively mitigate this risk. His appointment comes against the backdrop of several recent security incidents at OpenAI involving AI agents breaching constraints and infiltrating external computer systems, prompting widespread scrutiny of its safety protocols. Christiano is one of the core developers of the reinforcement learning (RLHF) technology. After leaving OpenAI in 2021 to found the Alignment Research Center (ARC), he will also continue to serve as an AI safety advisor to the U.S. government, though he will recuse himself from OpenAI-related matters and model evaluation work.
OpenAI Releases GPT-6 Astra Model, Claims It May Be Close to Achieving AGI
: OpenAI began rolling out its new flagship model, GPT-6 Astra, on Thursday, stating that it has made significant progress in commercial tasks such as financial modeling and engineering design. The model is initially available only to select institutions, including organizations participating in OpenAI's Daybreak Access cybersecurity program, and will later be rolled out to ChatGPT Plus, Pro, Business, and Enterprise users, as well as users via the API and Amazon Web Services. OpenAI stated that GPT-6 Astra has achieved notable improvements in computer operations, software programming, and professional work, and has reached top-tier performance on the FrontierMath Tier 1 mathematics benchmark, the ARC-AGI 3 reasoning test, and the ExploitBench cybersecurity test. Greg Brockman, co-founder and president of OpenAI, said that the timeline for achieving artificial general intelligence (AGI) has always been somewhat ambiguous, but "looking back a few years from now," this milestone "may fall precisely within this period, right around this model." GPT-6 Astra is priced at $10 per million input tokens and $50 per million output tokens, which is 2.5 times the price of the previous flagship model, GPT-5.6 Sol. OpenAI stated that the AI industry may shift toward charging per task rather than per token in the future. Brockman said at the launch event: "Welcome to the age of AGI." (Jin Shi)
Circle’s public blockchain Arc reportedly launched privately, with LayerZero and LI.FI already deployed
: On July 13, crypto KOL @amathxbt and others revealed that Circle’s public chain Arc may have been launched non-publicly. Cross-chain protocols LayerZero and LI.FI have been deployed on the Arc network, but community testing has not yet been publicly opened. Arc is a public Layer 1 blockchain, positioned as the "economic operating system of the internet," providing shared and composable infrastructure to support economic contracts, stablecoins, tokenized assets, and global market operations. In May this year, Circle officially released the ARC whitepaper, outlining the design framework of ARC as the native coordination asset of the Arc blockchain network. The Arc public testnet launched in October 2025, with the mainnet expected to go live in the summer of 2026.
Bernstein: CLARITY Act Yield Compromise to Strengthen Circle's Competitive Edge
Odaily. Bernstein stated in its latest research report that the newly reached compromise on stablecoin yields under the U.S. CLARITY Act is structurally beneficial for Circle and the USDC ecosystem.The report notes that the current version of the bill prohibits stablecoin issuers from paying interest to passive holders that is "economically equivalent" to bank deposits, but allows reward mechanisms tied to actual transaction, payment, and usage activities to continue. Bernstein believes this means Circle's current model, which relies on partners like Coinbase to provide USDC reward programs, will gain regulatory recognition, while also limiting the industry's ability to compete for market share through high yields.Bernstein points out that the bill effectively reinforces the positioning of stablecoins as "payment tools" rather than "deposit substitutes," helping to protect Circle's current business model that relies on reserve income. The firm maintains an "Outperform" rating for Circle with a $190 target price.Data shows that the total global supply of dollar-pegged stablecoins has surpassed $300 billion, with USDT and USDC collectively accounting for approximately 97% of the market share. Bernstein notes that USDC's share in on-chain payments and wallet transfers is steadily increasing, and its share of payments in the AI Agent payment protocol x402 has exceeded 99%.Additionally, Bernstein mentioned that Circle's ARC chain has cumulatively completed 244 million testnet transactions. The ARC token pre-sale previously raised $222 million, with investors including a16z crypto, Apollo Funds, ARK Invest, and BlackRock.However, the report also points out that the CLARITY Act still needs to complete multiple legislative procedures before it takes effect, including a 60-vote threshold in the full Senate and coordination with the House version. Polymarket currently estimates its probability of passage by 2026 at approximately 62%. (The Block)
Bernstein maintains its “Outperform” rating on Circle with a target price of $190.
According to The Block, research and brokerage firm Bernstein has maintained its “Outperform” rating on Circle Internet Group (CRCL), with a target price of $190—representing approximately 44% upside from Monday’s closing price of $131.76. Analysts led by Gautam Chhugani noted that Circle’s $222 million ARC token presale—completed at a fully diluted valuation of $3 billion—provides the company with near-term cushioning against a 11% sequential decline in reserve income driven by weakening interest rates.
Circle CEO: ARK tokens belonging to the company will be recorded as "other income" at zero cost
Circle co-founder and CEO Jeremy Allaire responded to questions from various analysts during tonight's earnings call.When asked how ARK tokens belonging to Circle would be accounted for, Jeremy Allaire said: "When ARK tokens are created, they will be recorded on Circle's balance sheet at cost, and that cost is zero. Then, after Circle fulfills its obligations under the token presale agreement, we will recognize the value of these tokens as 'other income,' which will then be directly reflected in RLDC (Revenue Less Distribution Cost) and adjusted EBITDA."