Mizuho’s direct assessment is that Circle’s U.S. national trust bank approval is helpful, but not enough to resolve the main risks around USDC. The firm maintained a neutral rating on Circle and warned that the market may be too optimistic because USDC circulation has fallen by about $7 billion since March to roughly $74 billion, while competition from consortium-backed stablecoins such as Open USD is increasing.
| Primary source | BlockBeats |
|---|---|
| Reported at | 2026-07-13T16:50:00.000Z |
| Topic | Layer2 |
| Evidence limit | Reported facts are separated from interpretation; current prices and platform terms require independent verification. |
Evaluate OKX for your use case
Check regional eligibility, current fees and product availability on the official destination.
Review OKXWhat Changed
According to the supplied BlockBeats report, Circle received final approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank. Mizuho described this as a positive development, but said it is not enough to solve Circle’s current core challenges.
The practical distinction matters. A regulatory approval can improve institutional credibility, but it does not automatically restore stablecoin supply growth, protect revenue, or stop competitors from entering the same market category.
Why Mizuho Stayed Neutral
Mizuho maintained a neutral rating on Circle because it believes the market reaction to the approval may be too optimistic. The bank’s concern is not whether the approval is useful; it is whether the approval changes the near-term fundamentals enough to justify a more positive view.
The supplied brief says USDC circulating market value has decreased by about $7 billion since March to roughly $74 billion. Mizuho links that slowdown to possible pressure on Circle’s transaction revenue and reserve income. That makes USDC supply growth a central check for anyone following the story.
USDC Growth Is the Main Operating Signal
The most decision-useful number in the brief is USDC circulation. If circulating market value continues to soften, Circle may face a tougher revenue environment even after securing a stronger regulatory position.
For readers tracking USDC, the practical check is simple: watch whether supply stabilizes, whether exchange and payment usage improves, and whether reserve-related income remains resilient. The approval is one input, but supply and usage are the operating evidence.
Competition Is Getting More Crowded
Mizuho also pointed to Open USD, or OUSD, as a competitive factor. The brief describes OUSD as a stablecoin aligned with the GENIUS Act and launched by more than 140 financial and technology companies, including Mastercard, Stripe, and Coinbase.
The strategic risk is commoditization. If more compliant, alliance-backed stablecoins become available, Circle may find it harder to keep a clear competitive edge. In that environment, trust, distribution, liquidity, and partner adoption become more important than approval headlines alone.
How OKX Users Can Read the News
For OKX users and crypto market participants, this is not a signal to treat USDC as risk-free or to assume Circle’s position has materially improved in every respect. It is a reminder to evaluate stablecoins through several checks: issuer status, liquidity, circulation trend, exchange support, and competing alternatives.
Readers comparing stablecoin access on exchanges can review available USDC markets, fees, and liquidity conditions directly on their chosen platform. If using OKX, the supplied campaign context includes code LUCKX at OKX official destination, but that does not change the risks or the need to verify current market conditions independently.
Evidence Limits and Risk Disclosure
This article uses only the supplied BlockBeats event brief and does not independently verify Circle, OCC, OUSD, or Mizuho materials beyond that input. It should be read as analysis of the supplied report, not as a complete regulatory or investment review.
Stablecoins can carry issuer, liquidity, regulatory, market, and operational risks. This article is for informational purposes only and is not financial advice, investment advice, legal advice, or a recommendation to buy, sell, hold, or use any asset.
Evaluate OKX for your use case
Check regional eligibility, current fees and product availability on the official destination.
Review OKXAffiliate link · Availability varies by region · No guaranteed outcomeQuestions readers ask
Did Mizuho say Circle’s bank approval is bad news?
No. Mizuho described the approval as a positive development, but said it is not enough to resolve Circle’s main business challenges.
Why did Mizuho keep a neutral rating on Circle?
Mizuho kept a neutral rating because it believes the market may be too optimistic and because USDC growth momentum and competitive pressure remain concerns.
What happened to USDC circulation in the supplied report?
The brief says USDC circulating market value has declined by about $7 billion since March to roughly $74 billion.
Why does lower USDC circulation matter for Circle?
Mizuho’s view is that slower USDC growth could weigh on Circle’s transaction revenue and reserve income.
What is Open USD in this context?
The supplied brief describes Open USD, or OUSD, as a GENIUS Act-compliant stablecoin launched by more than 140 financial and technology companies, including Mastercard, Stripe, and Coinbase.
Does this article recommend trading USDC or Circle-related assets?
No. This article is informational analysis based on the supplied brief and does not provide financial advice or a trading recommendation.