Mizuho Securities Expresses Concern Over Accelerated Competition for Circle's USDC Due to Clarity Act

On the 22nd, Mizuho Securities, a major financial institution in the US, downgraded its investment rating for Circle, the issuer of the stablecoin 'USDC', from 'Neutral' to 'Underperform', as reported by The Block and others. The analyst team led by Dan Dref stated in a research note dated the same day that the enactment of the Clarity Act is likely to draw more institutional-scale stablecoin competitors, accelerating the commodification of USDC. Mizuho highlighted...