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Crypto

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

Digital Asset raises $355 million led by a16z at $2 billion valuation

Digital Asset Holdings raised $355 million at a valuation of about $2 billion. The funding round was led by a16z Crypto, which invested $100 million, with participation from 7RIDGE, Abu Dhabi Investment Authority, Citadel Securities and Optiver. Digital Asset plans to use the proceeds to expand the Canton Network, which supports financial institutions in tokenising and settling securities without disclosing sensitive commercial data.

Crypto

Analyst says XRP accumulation window is closing and investors could regret it later

An analysis said institutional money and on-chain indicators for XRP are improving even as the token stays weak. Jake Claver, chairman of Digital Ascension Group, said investors could later look back and think they should have bought at current levels. He cited growth in tokenised real-world assets on the XRP Ledger, inflows to spot XRP ETFs, expanding custody and institutional infrastructure, and record concentration among large wallets.