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Mizuho says Circle's USDC growth and competition risks remain despite bank approval

Market News
13 Jul 2026
Coindesk
View Source
Neutral
pluang ai news

Japanese bank Mizuho maintains a neutral rating on Circle despite its recent approval to establish a national trust bank. The approval is seen as a positive step but does not resolve key challenges such as the decline in USDC's market capitalization since March 2026 and increasing competition from new stablecoins like Open USD. USDC's supply has fallen significantly, raising concerns about its growth and revenue outlook. The emergence of consortium-backed stablecoins could further pressure Circle's market position, leading Mizuho to stay cautious on the stock.

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