The Japanese investment bank said Open USD's yield pass-through model could pressure Circle's margins by shifting more reserve income to distributors.
- Mizuho downgraded Circle to underperform from neutral and cut its price target to $50 from $85, citing mounting competitive pressure from OpenUSD.
- The bank said OpenUSD's pass-through model could force Circle to share more reserve income with distribution partners, compressing margins.
- The Japanese firm cut its Circle 2027 adjusted EBITDA forecast to $699 million, about 25% below Wall Street consensus, and warned an upcoming Coinbase revenue-sharing renewal could add pressure.
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Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters :
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Russia’s largest bank Sberbank plans crypto trading infrastructure by December
North Korea arrests hackers accused of laundering stolen funds from country's bank via crypto
Robinhood Chain's real-world assets jump fivefold as tokenized stocks start trading in bigger size
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