Mizuho analysts stated after Coinbase released its second quarter financial report that Circle, the issuer of USDC, is facing pressure to shrink its profit margins, mainly due to increased costs paid to new distribution partners including Binance. Analysis shows that Circle earned approximately $625 million in interest income from USDC reserves in the quarter, of which $332.5 million was paid to Coinbase. Mizuho reiterated its "underperforming" rating on Circle's stock and pointed out that it faces multiple risks such as interest rate cuts, stagnant USDC circulation, and rising distribution costs. It believes that Circle's current stock price of $170 does not reasonably reflect these issues. （The Block） https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=46580