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3.8%
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Mizuho downgrades Circle to underperform the market, saying competition from OpenUSD could squeeze profit margins
The firm said OpenUSD’s passthrough model could force Circle to share more reserve revenue with distribution partners, thereby compressing profit margins. Mizuho lowered its Circle 2027 adjusted EBITDA forecast to $699 million, about 25% below Wall Street consensus expectations, and warned that the upcoming Coinbase revenue-share renewal could add further pressure.