Morgan Stanley Downgrades Circle, Cuts Price Target Amid Growth Concerns

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Morgan Stanley has downgraded Circle, the stablecoin issuer behind USDC, and reduced its price target for the company. The bank cited several headwinds that could pressure Circle's future earnings. Key concerns include the rise of tokenized money market funds and the Open USD initiative, both seen as competitive threats. Slower growth in USDC adoption was also flagged as a potential drag on the company's financial performance. Following the downgrade, Circle's stock slid in response to the revised outlook.

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