On July 23, Circle Internet Corp. fell 5.18% in regular trading, trading at $62.47/share, with turnover of $207 million. The decline reflects continued pressure from Raymond James initiating coverage with a Market Perform rating, combined with fresh concerns over competitive threats from the proposed CLARITY Act.
Raymond James launched coverage of Circle the previous trading day with a neutral Market Perform rating, significantly below the analyst consensus overweight rating and mean target price of $123.08, sustaining a drag on bullish sentiment. Separately, Mizuho analysts warned on July 23 that the proposed CLARITY Act, if passed, would accelerate stablecoin commoditization and attract large institutions into the market, eroding USDC revenue. Mizuho highlighted Open USD — backed by a 140-member consortium including Visa, Mastercard, Stripe, BlackRock, and Coinbase — as the primary competitive threat, noting its pass-through revenue model distributes nearly all reserve yields to distributors versus Circle retaining only approximately 38%. Coinbase, as USDC's largest distributor and an Open USD backer, may gain stronger leverage in upcoming distribution agreement renegotiations as early as next month.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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