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Bernstein reiterates optimism for Circle: Q2 performance alleviates concerns over stablecoin competition, maintains target price of $140

According to The Block, research firm Bernstein reaffirmed its "Outperform" rating and maintained a target price of $140 after Circle announced its Q2 2026 financial results, believing that the company's latest performance constitutes a "reverse validation" of the market's bearish views. Bernstein analysts stated that the market currently underestimates USDC's long-term growth potential and Circle's advantages in distribution channels, liquidity, and regulatory compliance, due to two major core concerns regarding Circle—intensifying competition in stablecoins and changes in the interest rate environment that may affect reserve income.Investors may not have fully accounted for the future revenue opportunities from transaction fees, partner ecosystems, and the Arc blockchain that Circle could generate. The firm specifically pointed out that several infrastructure initiatives recently advanced by Circle, including obtaining a national trust bank license in the U.S., expanding the Circle Payments Network, and the planned launch of the Arc public chain mainnet on September 16, could all become future growth drivers. Additionally, Bernstein noted that Circle has raised its guidance for other revenues and profit margins after deducting distribution costs for 2026, expecting to confirm approximately $180 million in Arc token presale revenue.Analysts believe that future staking yields, gas fees, and ecosystem partnership revenues from Arc have not been fully reflected in current valuation expectations. As of the end of Q2, the circulating supply of USDC was $73.3 billion, a decrease of 5% from the previous quarter but an increase of 19% year-over-year. Bernstein believes that Circle is shifting from a purely crypto trading infrastructure to payments, real-world asset (RWA) tokenization, and broader financial infrastructure, which will drive USDC into the next phase of growth. Circle's stock closed at $63.28 on Wednesday, and Bernstein's target price of $140 implies a potential upside of about 121%.

Global stock market review for August 5: Asian stocks rose broadly, European stocks had mixed performance, and U.S. stocks were varied

According to Gate market data, on August 5, global stock markets showed mixed performance. In Asia, the Shanghai Composite Index rose by 56.15 points, an increase of 1.47%, closing at 3,878.43 points; the Shenzhen Component Index rose by 258.49 points, an increase of 1.86%, closing at 14,144.2 points; the CSI 300 Index rose by 57.22 points, an increase of 1.24%, closing at 4,658.15 points; the ChiNext Index rose by 46.18 points, an increase of 1.32%, closing at 3,535.14 points; the STAR 50 Index rose by 77.31 points, an increase of 4.78%, closing at 1,693.67 points.The Hong Kong Hang Seng Index rose by 62.9 points, an increase of 0.24%, closing at 25,915.82 points. In Europe, the German DAX30 Index fell by 83.97 points, a decrease of 0.32%, closing at 26,139.29 points; the UK FTSE 100 Index rose by 10.68 points, an increase of 0.1%, closing at 10,890.06 points; the French CAC40 Index rose by 2.67 points, an increase of 0.03%, closing at 8,669.3 points; the Euro Stoxx 50 Index fell by 7.45 points, a decrease of 0.11%, closing at 6,479.25 points; the Spanish IBEX35 Index rose by 31.2 points, an increase of 0.16%, closing at 20,054.8 points; the Italian FTSE MIB Index fell by 99.5 points, a decrease of 0.19%, closing at 53,441 points.In the US stock market, the Dow Jones Index rose by 263.06 points, an increase of 0.49%, closing at 54,348.94 points; the S&P 500 Index fell by 13 points, a decrease of 0.17%, closing at 7,723.52 points; the Nasdaq Composite Index fell by 221.55 points, a decrease of 0.83%, closing at 26,363.44 points.

Kaito launched the Katalyst reward layer, introducing a pay-for-performance mechanism for creator activities

According to official news, Kaito announced the launch of Kaito Katalyst, a new reward layer aimed at creator activities, where project parties can pay based on the actual results brought by creators. This mechanism is based on Kaito's latest intelligence infrastructure and supports the distribution of rewards through various flexible criteria such as mind share, clicks, registrations, deposits, and platform activities. The underlying support comes from Kaito's data protocol with X, Brevis_zk's verification architecture, and its self-built attribution infrastructure.In the past two months, Kaito has conducted pilot tests in multiple companies across AI laboratories, consumer-grade AI applications, smart hardware companies, as well as in the cryptocurrency and financial sectors, with some projects set to launch soon. For TGE projects, Kaito has also introduced a dedicated format with no service fees: project parties must provide both a refundable deposit and a reward pool to ensure that creators are aware that funds are in place before the release. Each activity will announce the token distribution pool and attribution terms in advance, allowing creators to clearly understand the content and timing of their earnings.Under this mechanism, 80% of the token pool is allocated to creators who deliver actual results, while the remaining 20% is distributed to KAITO stakers and holders of YT-sKAITO on Pendle. Long-term holders and Yapybara holders can receive additional multiplier rewards. Kaito stated that this structure continues the Stakedrop mechanism that has been in operation since 2025, bringing approximately 136% annualized returns to the entire Kaito ecosystem. This model is also applicable to tokenized equity projects willing to use tokens or equity to accelerate growth.

Ondo abandons the independent blockchain route and launches a new execution network: creating an architecture with "exchange-level performance on-chain."

Ondo Finance announced the launch of the new Ondo Network, positioned as a high-performance execution layer, aimed at combining the trading speed of centralized exchanges (CEX) with the non-custodial and secure settlement capabilities of blockchain. Ondo CEO Ian De Bode stated that the Ondo Network is an "evolutionary version" of the previous Ondo Chain plan, and the company will not operate two networks simultaneously, but will adjust its original plan of building a complete blockchain to focus on the execution layer architecture.According to reports, Ondo initially planned to fully bring real-world assets on-chain through Ondo Chain, but after developing the Ondo Perps perpetual contract trading platform and communicating with users, it was found that the current market's core bottleneck is not asset settlement, but trading execution efficiency. The Ondo Network adopts a separated architecture for execution, validation, and settlement, using secure hardware to isolate the execution environment, which enhances trading speed while maintaining user asset self-custody, verifiable transactions, and permissionless blockchain characteristics.Currently, Ondo Perps has become the first application built on this network, supporting 24-hour trading of stock and commodity perpetual contracts, and allowing the use of tokenized real assets as collateral. Ondo stated that in the future, the network will also support applications requiring high performance, privacy protection, and verifiable execution, such as spot trading, lending, and structured products. In addition, the launch of the Ondo Network will not change the positioning of the ONDO token. The CEO stated that ONDO will still serve as the governance and incentive token for the Ondo RWA ecosystem and market infrastructure, and as the network gradually decentralizes, ONDO will be used to coordinate the incentive mechanisms for validation nodes, observers, and ecosystem participants.
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