Suh-ho: Circle has been approved by the National Trust Bank of the United States of America, and USDC growth and competition are still under pressure

On 14 July, Mizuho stated that the final approval by the United States Monetary Supervisory Authority (OCC) of the establishment of the First National Digital Bank was a positive development, but not sufficient to address the core challenges that companies currently face. Seo-ho maintains a "neutral" rating for Circle, arguing that the market's response to this benefit may be overly optimistic. The agency noted that since March this year, the market value of the USDC in circulation has decreased by some $7 billion to some $74 billion, reflecting a slowdown in its growth dynamics, which could slow down Circle ' s trading and reserve earnings. In addition, Seo-ho stated that Open USD (OUSD) is increasing market competition, with more than 140 financial and technological companies co-sponsoring it. The difficulty of Circle maintaining a competitive advantage will continue to rise as the emergence of unionized and stable currencies stabilize or become more homogenous。