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Mizuho: Circle’s approval from the U.S. National Trust Bank is unlikely to be able to alter the fundamentals; USDC growth and competitive pressure remain
Mizuho maintained a “neutral” rating for Circle, saying the market’s reaction to this good news may be overly optimistic. The firm noted that since March this year, the circulating market value of USDC has fallen by about $7 billion to about $74 billion, indicating that its growth momentum is slowing, which could weigh on Circle’s trading revenue and reserve income.
In addition, Mizuho said that the stablecoin Open USD (OUSD), launched in compliance with the GENIUS Act by more than 140 financial and technology companies including Mastercard, Stripe, and Coinbase, is intensifying competition in the market. As more alliance-style stablecoins emerge, the stablecoin industry may become further commoditized, and the difficulty for Circle to maintain its competitive advantage will keep rising.