Mizuho Downgrades Circle, Cuts Price Target to $50 Citing Open USD Threat

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Japanese investment bank Mizuho has downgraded Circle to an underperform rating, slashing its price target to $50. The bank flagged Open USD as a significant competitive threat to Circle's business model. Mizuho expressed concern that Open USD's yield pass-through model could erode Circle's margins. This approach would redirect more reserve income to distributors, weakening Circle's financial position.

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