Mizuho's direct message is cautious: the OCC approval is positive for Circle, but not enough to resolve slower USDC growth, pressure on transaction revenue and reserve income, and rising competition from consortium-backed stablecoins such as Open USD. The firm maintained a neutral rating on Circle and warned that the market reaction may be too optimistic.
| Primary source | BlockBeats |
|---|---|
| Reported at | 2026-07-13T16:50:00.000Z |
| Topic | Layer2 |
| Evidence limit | Reported facts are separated from interpretation; current prices and platform terms require independent verification. |
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Review BITGETWhat Happened
According to the supplied BlockBeats report, Mizuho said Circle receiving final approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank is a positive step.
The approval alone, in Mizuho's view, does not solve the company's core challenges. The firm kept a neutral rating on Circle and said the market response to the news may be too optimistic.
Why Mizuho Remains Neutral
Mizuho's caution is tied to operating fundamentals rather than the headline approval. The firm pointed to weaker USDC growth momentum and the possible effect that slower growth could have on Circle's transaction revenue and reserve income.
The supplied brief states that USDC circulating market value has declined by about $7 billion since March to about $74 billion. That is the key factual basis for the growth concern in this event.
Competition Pressure
Mizuho also highlighted competition from Open USD, described in the brief as a GENIUS Act-compliant stablecoin launched by more than 140 financial and technology companies, including Mastercard, Stripe, and Coinbase.
The concern is not only one rival product. Mizuho's broader point is that more alliance-style stablecoins could make the sector more homogeneous, which may make it harder for Circle to maintain a clear competitive edge.
What This Means For USDC Watchers
For investors, builders, and market observers, the event should be read as a split signal. The bank approval may strengthen Circle's institutional positioning, but the brief does not provide evidence that it has already reversed USDC growth trends or reduced competitive pressure.
A useful check is to separate regulatory or banking infrastructure news from usage data. The first can improve strategic optionality; the second shows whether stablecoin demand, circulation, revenue drivers, and distribution are actually improving.
Evidence Limits
This article uses only the supplied BlockBeats event summary and brief. It does not independently verify Circle's approval documents, Mizuho's full research note, real-time USDC supply, or the operating details of Open USD.
Because the supplied material is a market-news summary, readers should treat the figures and characterizations as event-level reporting, not as a complete financial model or recommendation.
Practical Checks Before Acting
Readers following Circle or USDC can watch whether USDC circulating value stabilizes after the reported decline, whether transaction activity improves, and whether reserve-income expectations change as market conditions evolve.
They can also track whether Open USD and other consortium stablecoins gain distribution through payment networks, exchanges, wallets, or enterprise platforms. Those adoption signals would matter more than announcements alone.
For users who already compare crypto market venues, Bitget-related research and market access may provide additional context. Any platform decision should still be based on personal suitability, fees, jurisdiction, product availability, and risk tolerance.
Risk Disclosure
Stablecoins, crypto equities, and exchange-related products carry market, liquidity, counterparty, regulatory, and operational risks. Stablecoin competition can change quickly, and approval-related news does not guarantee user growth or revenue improvement.
This article is informational only. It is not financial advice, does not recommend buying or selling any asset, and does not claim any ranking, indexing, traffic, registration, reward, or CPA outcome.
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Review BITGETAffiliate link · Availability varies by region · No guaranteed outcomeQuestions readers ask
What is the main point of Mizuho's view on Circle?
Mizuho's main point is that Circle's U.S. national trust bank approval is positive, but it does not remove concerns about USDC growth and stronger stablecoin competition.
Did Mizuho change its rating on Circle?
No. Based on the supplied brief, Mizuho maintained a neutral rating on Circle and said the market may be reacting too optimistically to the approval news.
Why is USDC growth a concern in this report?
The brief says USDC circulating market value has fallen by about $7 billion since March to about $74 billion, which Mizuho views as a sign that growth momentum is slowing.
Why does Open USD matter for Circle?
Open USD matters because the brief describes it as a stablecoin backed by more than 140 financial and technology companies, including Mastercard, Stripe, and Coinbase. Mizuho sees this kind of alliance-backed competition as a pressure point for Circle.
Does the OCC approval guarantee better fundamentals for Circle?
No. The supplied event says Mizuho considers the approval positive, but not enough to solve Circle's core challenges. The brief does not provide evidence of a guaranteed improvement in growth, revenue, or competitive position.
Is this article financial advice?
No. This article is for information and context only. It does not recommend buying, selling, registering for, or using any asset, security, stablecoin, or trading platform.