Japanese investment bank Mizuho has downgraded Circle's rating from "Neutral" to "Underperform" and lowered its target price from $85 to $50. Mizuho believes that the OpenUSD model, which allocates most reserve earnings to issuers and distributors, may force Circle to share more profits with its partners, thereby squeezing its profit margins. As a result, Mizuho has raised Circle's projected distribution and transaction cost rate for 2027 from 64% to 73% and lowered its adjusted EBITDA forecast from $1.09 billion to $699 million. (CoinDesk) https://www.(wublock123.com)/news/mizuho-downgrades-circle-to-underperform-target-50-usd-64618