Mizuho lowers the Circle rating to the big game, calling OpenUSD competitive or compressed profit margin

On 15 July, Mizuho lowered the Circle rating from neutral to large, and lowered the target price from $85 to $50, alleging rising competitive pressure from OpenUSD. The Bank indicated that OpenUSD ' s straight-through model could force Circle to share more reserve revenues with distribution partners, thus reducing profit margins. Mizuho revised the EBITA projection downwards to $699 million, which is about 25 per cent lower than the Wall Street Consensus forecast, after the 2027 adjustment, and warned that the upcoming Cinbase revenue split may increase pressure。