The Japanese investment bank said Open USD's yield pass-through model could pressure Circle's margins by shifting more reserve income to distributors. Mizuho downgraded Circle to underperform from neutral and cut its price target to $50 from $85, citing mounting competitive pressure from OpenUSD. The bank said OpenUSD's pass-through model could force Circle to share more reserve income with distribution partners, compressing margins. The Japanese firm cut its Circle 2027 adjusted…
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