Mizuho maintains neutral stance on Circle despite OCC bank approval

Japanese investment bank Mizuho has reiterated its neutral rating on Circle following the company's approval from the Office of the Comptroller of the Currency to operate a national trust bank. Analysts at Mizuho argued that the regulatory milestone does not resolve the underlying challenges facing Circle's USDC stablecoin. The bank highlighted slowing growth in USDC adoption as a key concern that remains unaddressed by the approval. Rising competition in the stablecoin market was also flagged as a persistent risk to Circle's business outlook.