Every Zipp story tagged #Mizuho, newest first.
Analysts stayed constructive after the Q2 beat, but Mizuho's question cuts at whether the 40% headcount cut is actually translating to a leaner cost base.
The downgrade hinges not on the bill itself but on the 140-company Open USD consortium behind it, which Mizuho says could fragment Circle's issuer revenue if the law passes.
The OpenUSD yield pass-through model and an August Coinbase revenue renegotiation together compress the structural moat Mizuho says underwrites every stablecoin issuer's valuation.
OCC trust bank approval marks legitimacy, but USDC supply has shrunk $7B since March while a 140-firm consortium launches a rival stablecoin that could commoditize the sector.
TheBlock
CoinDesk