Mizuho says Circle bank approval doesn’t solve USDC growth, stablecoin competition risks
Japanese investment bank Mizuho reiterated its neutral rating on Circle, saying OCC approval for a national trust bank doesn’t address slowing USDC growth or rising competition.
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Summary
- Mizuho said Circle’s final OCC approval for a national trust bank is a positive step but doesn’t address the company’s core challenges.
- The bank pointed to USDC’s declining market capitalization since March as a key concern.
- The report also warned that Open USD, a new consortium-backed stablecoin, could accelerate competition and pressure Circle’s business.
