According to online reports, Japan's Mizuho Securities covered Circle (CRCL) stocks for the first time and gave a "underperformance" rating, with a target price of US$85, which has a significant downside potential compared with the current stock price of approximately US$205. Analysts in Mizuho believe that the market has overestimated USDC's medium-term growth potential. The main risks include interest rate cuts, stagnant USDC liquidity and high distribution costs. Circle's USDC has a market value of approximately US$62 billion, ranking second in the world after Tether. Mizuho pointed out that Circle's forecast revenue target of US$4.5 billion in 2027 may be overstated by 25%-30%. Although Circle applies for a banking license and strengthens compliance transparency, new regulations such as the GENIUS Act may intensify competition. Bernstein, on the other hand, is optimistic, setting a target price of $230, optimistic about its potential as an "Internet dollar network" in the next decade.