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Circle ahead of Coinbase renegotiation; Japan\'s Mizuho Securities warns on USDC profit model

Mizuho Securities in Japan cut its investment rating on USDC issuer Circle to underperform from neutral, warning that competition could intensify and USDC could become more commoditised if a U.S. Clarity bill passes. It flagged OpenUSD as a key threat and said Coinbase could gain leverage in the next revenue-sharing talks with Circle. Mizuho also cited potential limits on yield-like returns, entry by major banks and longer-term pressure on net profit margins.

Crypto

OpenUSD aims to reshape stablecoin revenue model, compete head-on with USDC

OpenStandard has unveiled OpenUSD, a stablecoin that shares reserve income with distribution and payment partners rather than paying returns directly to holders. The project is positioned as a shared infrastructure with more than 140 named partners, including Visa, Stripe and Coinbase. Key disclosures such as supply, redemption history and reserve details have not been released, with launch expected in late 2026. The model comes as U.S. policymakers debate restricting yield on payment stablecoin balances.

Crypto

Ripple says XRP\'s next stage is institutional payments as XRPL and RLUSD expansion accelerates

Ripple has reiterated a strategy to develop the XRP Ledger as core blockchain infrastructure for institutional payments while expanding the use of XRP and its stablecoin RLUSD. Ripple President Monica Long said the future of digital payments will be multi-chain and interoperable, built on institutional-grade blockchain infrastructure. The comments came after Ripple joined the OpenUSD project as a launch partner, alongside more than 140 finance and technology firms.