Odaily News Mizuho Securities pointed out in its latest research report that Circle is facing three medium-term risks: USDC growth rate is lower than expected, distribution costs are rising, and the Fed may cut interest rates. Although the latest quarterly report shows that USDC Circulating Supply increased by 90% year-on-year to 61.3 billion USD, and quarterly revenue increased by 53% year-on-year to 658 million USD, its distribution costs as a percentage of the reserve pool have risen from 39% in 2022 to 64%. (The Block)

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