币界网报道：JPMorgan downgraded Circle's stock from "Overweight" to "Neutral" with a $56 price target, projecting a potential 26% drop by 2026. The downgrade reflects concerns over Circle's revenue growth and profitability amid regulatory uncertainties in the stablecoin sector. Analysts noted Circle's reliance on USDC adoption faces challenges from competing stablecoins and evolving central bank digital currency (CBDC) developments. While Circle maintains a strong market position with USDC as the second-largest stablecoin, JPMorgan highlighted risks from potential US regulatory actions that could impact stablecoin issuers. The report also cited Circle's slowing transaction volume growth and narrowing interest income margins as key factors in the revised outlook.