Mizuho's direct view is that Circle's national trust bank approval is positive but not enough to change the company's fundamentals. The firm maintained a neutral rating, pointed to a decline in USDC circulating market value since March, and warned that new compliant stablecoin alliances such as Open USD could increase competitive pressure.
| 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. |
Evaluate BITGET for your use case
Check regional eligibility, current fees and product availability on the official destination.
Review BITGETWhat Changed
Circle received final approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank, according to the supplied event brief. Mizuho described the approval as a positive development, but not one that resolves the main business questions around Circle and USDC.
The key distinction is between regulatory progress and business momentum. Approval can strengthen the institutional narrative around Circle, but Mizuho's analysis focuses on whether USDC circulation, reserve-linked income, and transaction activity can improve in a more competitive market.
Mizuho's Core Concern
Mizuho maintained a neutral rating on Circle and suggested the market reaction to the approval may be too optimistic. The firm's concern is that the approval does not directly reverse the reported slowdown in USDC growth.
The supplied brief says USDC circulating market value has decreased by about $7 billion since March to about $74 billion. Mizuho connected that slowdown to potential pressure on Circle's transaction revenue and reserve income. Those are business fundamentals, not just regulatory headlines.
Why Competition Matters
Mizuho also highlighted competitive pressure from Open USD, a stablecoin described in the brief as compliant with the GENIUS Act and backed by a group including Mastercard, Stripe, Coinbase, and more than 140 financial and technology companies.
The risk is not only that another stablecoin exists. The deeper issue is commoditization. If more alliance-backed stablecoins offer similar compliance positioning, distribution, and institutional access, Circle may have to work harder to preserve USDC's competitive advantage.
Decision-Useful Reading
A bullish reading would treat the OCC approval as a credibility gain for Circle and a sign that regulated stablecoin infrastructure is maturing. That reading is reasonable as far as the approval itself goes, but it does not answer the growth question.
A cautious reading focuses on the mismatch between regulatory approval and current USDC momentum. If circulating value is declining while new competitors are forming, investors and market participants may need evidence of renewed demand before treating the approval as a fundamental turning point.
Evidence Limits
This article relies only on the supplied event and brief. It does not independently verify Circle's approval documents, Mizuho's full research note, Open USD's operating details, or current live USDC supply data beyond the figures included in the brief.
Because the source material summarizes another report, readers should treat the analysis as event-based rather than a complete valuation or regulatory review. The brief supports a cautious interpretation, but it does not provide enough detail to quantify Circle's future revenue impact.
Practical Checks
For anyone tracking USDC, the first check is circulation trend. If USDC market value stabilizes or returns to growth after the approval, that would weaken the cautious interpretation. If it continues to fall, Mizuho's concern becomes more relevant.
The second check is competitive adoption. Open USD and similar alliance-backed stablecoins matter only if they gain distribution, liquidity, and real usage. The third check is revenue sensitivity: lower circulation can affect reserve income, while lower activity can affect transaction-linked economics.
Risk Disclosure And Trading Context
This is not financial advice. Stablecoin issuers, listed crypto-related companies, and related tokens can react sharply to regulatory headlines, bank approvals, market liquidity, and competitive announcements. A positive regulatory event does not guarantee stronger revenue, higher market share, or better investment performance.
Readers comparing market access or liquidity venues can review Bitget as one available exchange context through the provided campaign link, using code 7nfg8123 where applicable. Any decision to trade, hold, or use stablecoins should be based on independent checks of fees, jurisdictional availability, custody risk, and personal risk tolerance.
Evaluate BITGET for your use case
Check regional eligibility, current fees and product availability on the official destination.
Review BITGETAffiliate link · Availability varies by region · No guaranteed outcomeQuestions readers ask
What did Mizuho say about Circle's bank approval?
Mizuho said the approval was 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?
The supplied brief says Mizuho maintained a neutral rating on Circle and viewed the market reaction to the approval as potentially too optimistic.
What happened to USDC circulating market value?
According to the supplied brief, USDC circulating market value has fallen by about $7 billion since March to about $74 billion.
Why does Open USD matter in this analysis?
Mizuho cited Open USD as a competitive pressure because it is described as a compliant stablecoin backed by a large alliance of financial and technology companies.
Does the OCC approval remove Circle's business risks?
Based on Mizuho's view in the supplied brief, no. The approval improves the regulatory story but does not by itself restore USDC growth or reduce competitive pressure.
Is this article financial advice?
No. It is an event-based analysis using the supplied brief only. Readers should make independent checks before making trading, investment, or stablecoin usage decisions.