[Mizuho: Clarity Act May Intensify Stablecoin Competition in the Long Term, Negatively Impacting Circle] Odaily Planet Daily reports that Mizuho analysts believe that if the U.S. crypto market structure bill, the 'Clarity Act,' is passed, it could benefit the digital asset industry overall but may have a long-term negative impact on Circle. The reasoning is that regulatory clarity will attract more large institutions into the stablecoin market, further accelerating the commoditization of stablecoins and eroding the revenue space for Circle's USDC. Mizuho notes that Circle's recent primary pressure comes from Open USD. This stablecoin project is supported by a coalition of over 140 financial, tech, and crypto companies, including Visa, Mastercard, Stripe, BlackRock, and Coinbase. Unlike Circle's model, which retains approximately 38% of USDC reserve earnings, Open USD adopts a 'pass-through' model, distributing nearly all reserve earnings to distributors while keeping only a small management fee. Analysts also pointed out that Coinbase, as the largest distributor of USDC and a supporter of Open USD, may gain stronger bargaining power when renegotiating revenue-sharing agreements with Circle in the future. The distribution agreement between the two parties could be renegotiated as early as next month.