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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

XRPL AI payments top 1 million transactions as real-world use expands

The XRP ecosystem is expanding its use into AI payments, institutional infrastructure and on-chain lending despite macroeconomic uncertainty. Evernodes CEO Aashish Birla said AI agents processed close to 1 million payments on XRPL in about a month, citing t54ai on-chain data. He said DTCC included XRP in learning materials but it does not mean DTCC will accept it as collateral. RippleX confirmed tests for XLS-66 on-chain lending.

Crypto

Ripple targets institutional payment networks with Mastercard, JPMorgan partnerships, two-track XRP and RLUSD strategy

Ripple is accelerating efforts to expand institutional digital asset infrastructure using the XRP Ledger and its dollar-pegged stablecoin RLUSD. It is working with firms including Mastercard, JPMorgan, Ondo Finance and OKX to connect traditional finance with blockchain payments. Ripple plans to use XRPL for inter-institution payments and value transfer, while expanding RLUSD use in trading and collateral. Ripple issued RLUSD on XRPL and Ethereum this month, with most minted on XRPL.