Mizuho: The passage of the Clarity Act will intensify stablecoin competition and have a negative impact on Circle

AiCoin2026/07/22 23:08

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Mizuho analysts stated that if the US Clarity Act passes, regulatory clarity will attract large institutions into the stablecoin market, accelerating commoditization and eroding Circle's USDC revenue share. Mizuho believes that Circle faces pressure from Open USD, a project supported by an alliance including Visa, Mastercard, Stripe, BlackRock, and an exchange. Open USD adopts a model where reserve earnings are distributed to distributors, differing from Circle's model of retaining 38% of USDC reserve earnings. As the largest distributor of USDC and a supporter of Open USD, the exchange may gain stronger bargaining power when renegotiating revenue-sharing agreements with Circle next month.

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OPEC's monthly report shows that Saudi Arabia's average daily crude oil production in October rose to 10.56 million barrels, just several hundred thousand barrels lower than the pre-war level in February and slightly above its quoted limit under the OPEC framework. Iraq's daily output in October also reached approximately 4.9 million barrels, a new high since the outbreak of war. Meanwhile, after the UAE exited OPEC and began competing in the market independently, both the UAE and Saudi Arabia recently slashed their official December cargo prices for Asian buyers, intensifying the competitive landscape.

华尔街见闻•2026/11/11 17:31