Bernstein: Circle and Coinbase are top stablecoin proxies as agentic payments take shape

Bernstein said Circle (CRCL) and Coinbase (COIN) remain the most direct ways to gain exposure to stablecoin growth, pointing to their shared USDC ecosystem. The firm argued that agentic machine payments could become an additional upside lever, though activity is still small, with Coinbase's x402 processing about $25 million over the past 30 days and Stripe's MPP seeing $5,000 in its first week.