The direct takeaway is that Mizuho does not see Circle's national trust bank approval as enough to change the company's basic investment picture. The approval may strengthen Circle's regulatory and institutional positioning, but Mizuho kept a neutral rating and warned that the market may be reacting too optimistically while USDC circulation has fallen by about 7 billion dollars since March to about 74 billion dollars.
| 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
Circle received final approval from the OCC to establish First National Digital Currency Bank. In Mizuho's view, this is a constructive development because it gives Circle a clearer regulated banking structure in the United States.
The same note did not treat the approval as a full reset of Circle's outlook. Mizuho maintained a neutral rating and said the market's response to the news may be too optimistic relative to the operating pressures still visible in USDC data and stablecoin competition.
Why Mizuho Stayed Neutral
Mizuho's core point is simple: approval changes Circle's regulatory positioning, but it does not automatically restore USDC growth. The event brief says USDC circulation has dropped by about 7 billion dollars since March to about 74 billion dollars.
That matters because Circle's business is exposed to stablecoin usage and reserve economics. If USDC growth slows, Mizuho expects that pressure could feed into transaction revenue and reserve income. The brief does not provide a forecast, so this should be read as a risk channel rather than a quantified earnings prediction.
Competition Risk
Mizuho also highlighted Open USD, or OUSD, as a competitive factor. The brief describes OUSD as a stablecoin aligned with the GENIUS Act and jointly launched by more than 140 financial and technology companies, including Mastercard, Stripe, and Coinbase.
The competitive issue is not only the arrival of one new asset. Mizuho's concern is that more alliance-style stablecoins could make the sector more homogeneous. If stablecoins look increasingly similar to users and institutions, Circle may find it harder to defend a lasting advantage.
How To Read This For USDC
For USDC watchers, the practical signal is mixed. Regulatory approval may support trust and institutional credibility, but circulating supply remains the first metric to check when judging near-term momentum.
Useful checks include whether USDC circulation stabilizes after the reported decline, whether transaction activity improves, whether reserve income remains resilient, and whether new stablecoin alliances take share or simply expand the total market. The brief does not show enough evidence to conclude that any one of those outcomes is already happening.
Risk Disclosure
This article is based only on the supplied BlockBeats event brief and Mizuho's reported view within that brief. It does not independently verify OCC documents, Circle financials, OUSD launch materials, or market data beyond the supplied figures.
This is not financial advice and does not recommend buying, selling, or holding Circle-related exposure, USDC, or any crypto asset. Stablecoin markets can be affected by regulation, liquidity conditions, reserve economics, issuer risk, and competition. Readers should verify primary documents and current market data before making decisions.
OKX Context
For OKX users, the relevant angle is not a prediction about USDC price behavior, since stablecoins are designed to track their reference asset. The more useful question is whether stablecoin liquidity, issuer positioning, and exchange support remain aligned with the user's trading or transfer needs.
Users who want to review available crypto market access can use the OKX invite code LUCKX at OKX official destination. This is a conversion link, not a claim about returns, rewards, rankings, or future outcomes.
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 Circle receive U.S. bank approval?
According to the supplied event brief, Circle received final approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank.
Why did Mizuho keep a neutral view on Circle?
Mizuho said the approval is positive but not enough to solve Circle's core challenges, including slowing USDC growth, possible pressure on transaction and reserve income, and stronger stablecoin competition.
What happened to USDC circulation?
The brief says USDC circulating market value has decreased by about 7 billion dollars since March to about 74 billion dollars.
What is OUSD in this context?
The brief describes Open USD, or OUSD, as a stablecoin launched by more than 140 financial and technology companies, including Mastercard, Stripe, and Coinbase, and aligned with the GENIUS Act.
Does the OCC approval remove Circle's competitive risk?
Mizuho's reported view is no. The approval may help Circle's regulated positioning, but competition from alliance-backed stablecoins and slower USDC momentum remain concerns.
Is this article investment advice?
No. This article summarizes the supplied event brief and highlights decision-useful checks. It does not recommend any trade or investment action.