大行评级丨瑞穗：下调Circle目标价至70美元 重申“跑输大盘”评级

Core Viewpoint - Mizuho indicates that Circle, the issuer of the stablecoin USDC, derives most of its revenue from interest generated by USDC reserves, which are primarily invested in short-term U.S. Treasury securities, repurchase agreements, and cash [1] Group 1 - If interest rates decline or USDC growth does not meet expectations, the company's revenue may be impacted [1] - With decreasing interest rates, slower USDC adoption, and rising issuance costs, market consensus expectations for Circle are likely to be revised downward in the coming years [1] - Mizuho reaffirms a "underperform" rating for Circle and lowers its target price from $84 to $70 [1]