
Mizuho says Circle bank approval doesn't solve USDC growth, stablecoin competition risks
Circle's $USDC stablecoin has faced headwinds in recent months, with its circulating supply falling by roughly $7 billion from its March peak to about $74 billion in July as redemptions outpaced new issuance. The contraction marks the largest monthly decline since 2022 and has raised concerns among analysts that slowing supply growth could weigh on the firm's transaction and reserve-income outlook, even as on-chain usage remains strong The stablecoin market posted its largest monthly contraction in years in June, signaling an outflow of on-chain liquidity as crypto markets remained stuck near their 2026 lows. The analysts also highlighted increasing competitive…








