Mizuho Securities stated that the slowdown in USDC growth may pose medium-term risks for Circle.

Odaily News Mizuho Securities pointed out in its latest research report that Circle is facing three medium-term risks: the growth rate of USDC is lower than expected, distribution costs are rising, and the Fed may cut interest rates. Although the latest quarterly report shows that the Circulating Supply of USDC increased by 90% year-on-year to $61.3 billion, and quarterly revenue grew by 53% year-on-year to $658 million, its distribution costs as a percentage of the reserve pool have risen from 39% in 2022 to 64%. (The Block)