Mizuho has downgraded Circle to underperform and cut its price target to $50, arguing that Open USD could pressure the company’s margins. The Japanese investment bank said Open USD’s yield pass-through structure may redirect a larger share of reserve income to distributors rather than leaving that revenue with Circle. The call points to a competitive threat tied to stablecoin distribution economics, not just token issuance itself. The report was cited by CoinDesk in a piece by Will Canny and edited by Cheyenne Ligon. CoinDesk listed the article as published on July 14, 2026, and later updated the same day.
Mizuho downgraded Circle to underperform and lowered its price target to $50, citing a threat from Open USD.
The Japanese investment bank said Open USD’s yield pass-through model could put pressure on Circle’s margins by shifting more reserve income to distributors.
CoinDesk reported the move in a story by Will Canny and edited by Cheyenne Ligon. The article was published on July 14, 2026, at 4:59 p.m. and updated at 8:55 p.m. the same day.
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