Coinbase's Q2 earnings point to shrinking USDC margins for Circle, Mizuho says
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最新报道：Mizuho Securities analysts maintain a bearish outlook on Circle's shares, citing shrinking margins due to rising distribution costs despite its recent successful NYSE debut. They estimate Circle earned $625M in Q2 USDC reserve interest income, paying $332.5M to Coinbase, with further margin pressure expected as partnerships expand to Binance and others. While USDC remains the second-largest USD stablecoin at $63B supply, analysts warn of risks including rate cuts, stagnant circulation, and growing competition from banks like JPMorgan and Bank of America following the GENIUS Act. Circle's stock currently trades around $170, double Mizuho's $85 target. Both Circle and Coinbase shares declined Friday amid these concerns.
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