The direct takeaway is that Mizuho does not see Circle’s OCC approval as enough to change the basic investment or market case. The firm maintained a neutral rating on Circle, said the market reaction may be too optimistic, and pointed to slower USDC momentum and new competition from Open USD as continuing risks.
| Primary source | Jinse Finance |
|---|---|
| Reported at | 2026-07-13T19:52:33.000Z |
| Topic | SOL |
| Evidence limit | Reported facts are separated from interpretation; current prices and platform terms require independent verification. |
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The event is Circle receiving final OCC approval to establish First National Digital Currency Bank. In the supplied report, Mizuho called that approval a positive development, but framed it as limited in business impact.
The important distinction is between regulatory progress and operating fundamentals. Approval may improve Circle’s institutional positioning, but Mizuho’s argument is that it does not automatically restore USDC growth or protect Circle from competitive pressure.
Why Mizuho Stayed Neutral
Mizuho maintained a neutral rating on Circle. The supplied brief says the firm believes the market may have reacted too optimistically to the approval because the larger issues remain unresolved.
The main operating concern is USDC momentum. According to the report, USDC circulating market value has decreased by about $7 billion since March to roughly $74 billion, which Mizuho reads as evidence that growth is slowing.
Revenue Pressure To Watch
Mizuho’s concern is not only the headline size of USDC circulation. The report says slower circulation growth may weigh on Circle’s transaction revenue and reserve income.
That matters because a stablecoin issuer’s business quality depends on more than regulatory headlines. If circulation slows, the approval alone may not offset weaker activity or pressure on income tied to reserves.
Competition From Open USD
The supplied brief also highlights Open USD, or OUSD, as a competitive risk. It describes OUSD as a stablecoin launched by more than 140 financial and technology companies, including Mastercard, Stripe, and Coinbase, and as compliant with the GENIUS Act.
Mizuho’s broader point is that alliance-backed stablecoins could make the sector more homogeneous. If more credible stablecoin options emerge, Circle may find it harder to maintain a clear competitive edge.
Evidence Limits
This article uses only the supplied event brief. It does not independently verify Circle’s approval, the exact USDC circulation figure, the composition of the OUSD alliance, or the legal status of the GENIUS Act.
The event is based on a Golden Finance report that references a CoinDesk article and Mizuho’s analysis. The available material supports a cautious interpretation, but it does not provide enough evidence to forecast prices, future circulation, revenue, rankings, or adoption outcomes.
Practical Checks For Readers
For readers tracking USDC, the practical checks are circulation trend, issuer revenue sensitivity, reserve income conditions, and whether competing stablecoins gain real distribution. The supplied brief points to these areas but does not provide forward projections.
For users comparing exchange or stablecoin market context on Bybit, this type of event can be useful background for understanding why a positive regulatory headline may still come with business-model risk. It should not be treated as financial advice or as a reason to trade.
Risk Disclosure And Conversion Context
Stablecoin-related events can involve regulatory, liquidity, issuer, competition, and market sentiment risks. A bank approval may reduce some uncertainty, but it does not remove commercial execution risk or competitive pressure.
Bybit users who review stablecoin markets should separate news interpretation from execution decisions. If using the supplied Bybit partner link or code, readers should review Bybit’s own terms, fees, availability, and risk disclosures before opening or using any account.
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Review BYBITAffiliate link · Availability varies by region · No guaranteed outcomeQuestions readers ask
What did Mizuho say about Circle’s OCC approval?
Mizuho said the approval is a positive development, but not enough to solve Circle’s core challenges around USDC growth and stablecoin competition.
Did Mizuho change its rating on Circle?
No. The supplied report says Mizuho maintained a neutral rating on Circle and viewed the market reaction as potentially too optimistic.
What happened to USDC circulation according to the brief?
The brief says USDC circulating market value has decreased by about $7 billion since March to roughly $74 billion.
Why does slower USDC growth matter?
According to the supplied analysis, slower USDC growth may pressure Circle’s transaction revenue and reserve income.
What is the competitive risk mentioned in the event?
The brief points to Open USD, described as an alliance-backed stablecoin involving more than 140 financial and technology companies, as a source of rising competition.
Is this article financial advice?
No. This article summarizes and analyzes the supplied event brief only. It does not recommend buying, selling, holding, or using any asset or platform.