PANews reported on May 12th that, according to The Block, research firm Bernstein maintained its "Outperform" rating and $190 price target for Circle. Circle's adjusted EBITDA for Q1 was $151 million, about 10% higher than market expectations, but revenue of $694 million was about 4% lower than expected, mainly due to a 11% quarter-over-quarter decline in reserve yields caused by weakening interest rates. Bernstein noted that Circle completed a $222 million ARC token presale at a fully diluted valuation of approximately $3 billion, providing a buffer against the decline in reserve yields. USDC supply increased to $77 billion in Q1, a year-over-year increase of 28% and a quarter-over-quarter increase of 2%, with an on-chain balance of $13.7 billion, accounting for approximately 18% of the total supply. Circle's payment network has an annualized transaction volume of nearly $10 billion, has integrated with 136 financial institutions, and has established partnerships with Meta, DoorDash, Kyriba, and others. Bernstein expects USDC supply to maintain a compound annual growth rate of approximately 40%, and ARC presale revenue will be recognized as other revenue after token delivery.