Circle (CRCL) Slides 7% as Mizuho Flags AI Threat to USDC Revenue
- —Mizuho lowered its CRCL price target to $43 from $45, maintaining Underperform
- —Circle shares fell 7.2% to $79.72 on volume of about 8 million shares
- —10–20% of Circle's reserve revenue at risk; USDC market cap could fall $4–9 billion
- —Circle reported $1.4 billion in revenue and $36 trillion in USDC volume for H1 2026
Why it matters: The note challenges Circle's reserve-income model; its November 4 earnings will show whether USDC demand is actually affected.
Source: The Crypto Times