Mizuho Securities says USDC's slowing growth may pose medium-term risks to Circle

According to Odaily Planet Daily, Mizuho Securities' latest research report indicates that Circle faces three major medium-term risks: slower-than-expected USDC growth, rising distribution costs, and a potential Federal Reserve interest rate cut. Although the latest quarterly report shows a 90% year-over-year increase in USDC circulation to $61.3 billion and a 53% year-over-year increase in quarterly revenue to $658 million, its distribution costs as a percentage of the reserve pool have risen from 39% in 2022 to 64%. (The Block)