Crypto exchange news: Mizuho downgraded Circle Internet Group’s rating from neutral to underperforming, and cut its target price from $85 to $50, citing the competitive threat from Open USD. Mizuho said that stablecoin models could put pressure on the economics of Circle’s USDC business. Analyst Dan Dolev noted that Open USD could fundamentally change Circle’s business model. Mizuho also raised its estimate for Circle’s 2027 distribution and transaction fee ratio from 64% to 73%. The firm further lowered its adjusted EBITDA forecast from $1.09 billion to $699 million, below the 25% analyst consensus.

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QuizMaster
· 6h ago
Mizuho cut EBITDA to under $700 million, 25% below consensus—bearish signals are quite clear.
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GasWeatherman
· 6h ago
Open USD is basically about to flip the table—Circle is under a lot of pressure.
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