瑞穗的警告：Circle（CRCL）是否前往撞車事故？

瑞穗分析師在圓圈（CRCL）（穩定巨人）上發出警報。有了“表現不佳”的評分，這是未來麻煩的跡象嗎？

Mizuho's Warning: Is Circle (CRCL) Headed for a Crash?

瑞穗的警告：Circle（CRCL）是否前往撞車事故？

Hold onto your hats, folks! Mizuho is throwing some serious shade at Circle (CRCL), the company behind the USDC stablecoin. With an 'Underperform' rating and an $85 price target, it's time to ask: is the party over for CRCL?

抓住你的帽子，伙計們！ Mizuho正在向USDC Stablecoin背後的公司Circle（CRCL）投擲一些嚴重的陰影。有了“表現不佳”的評級和85美元的價格目標，是時候問：CRCL的聚會結束了嗎？

Mizuho's Bearish Stance: A Deep Dive

瑞穗的看跌姿態：深入潛水

Mizuho analyst Dan Dolev is waving a red flag. He believes the market is too optimistic about Circle's future revenue, especially with potential interest rate cuts on the horizon. Circle's business model relies heavily on the interest earned from Treasury bills backing USDC. Less interest, less revenue – it's simple math.

瑞穗分析師丹·多萊夫（Dan Dolev）揮舞著危險信號。他認為，市場對Circle的未來收入過於樂觀，尤其是隨著潛在的降低利率降低。 Circle的商業模式在很大程度上依賴於支持USDC的國庫賬單所獲得的興趣。減少興趣，收入減少 - 這很簡單。

The GENIUS Act: A Double-Edged Sword

天才法：雙刃劍

The GENIUS Act, aimed at clarifying stablecoin regulations, could actually *hurt* Circle. While it fosters innovation, it also opens the door for more competition. Think PayPal and Ripple, already in the stablecoin game. More players mean a smaller piece of the pie for Circle.

旨在闡明穩定法規的天才法案實際上可能 *傷害 *圈子。在促進創新的同時，它也為更多競爭打開了大門。想想貝寶（Paypal）和波紋（Paypal），已經參加了Stablecoin遊戲。越來越多的球員意味著圓圈的餡餅較小。

Coinbase: The Silent Winner?

Coinbase：沉默的贏家？

Here's a twist: Mizuho suggests Coinbase (COIN) is benefiting more from the Circle partnership. Coinbase earns a hefty chunk of interest income on USDC held on its platform, and their share of USDC holdings is growing. Meanwhile, Circle's distribution costs are rising, squeezing their profit margins.

這是一個轉折：Mizuho建議Coinbase（Coin）從Circle Partnership中受益更多。 Coinbase在其平台上持有的USDC賺取了大量的利息收入，而USDC持有的份額也在增長。同時，Circle的分銷成本正在上升，擠出了其利潤率。

The Future of CRCL: Cloudy with a Chance of Downpour

CRCL的未來：多雲，有機會傾盆大雨

While stablecoins are hot right now, Circle faces a perfect storm: potential rate cuts, rising costs, and increased competition. Mizuho's $85 price target implies significant downside risk. Investors need to tread carefully.

雖然穩定幣目前很熱，但Circle面臨著完美的風暴：潛在的降低速度，成本上升和競爭增加。瑞穗的85美元目標目標意味著明顯的下行風險。投資者需要謹慎行事。

My Two Cents (and a Pinch of Salt)

我的兩美分（和一小撮鹽）

Okay, let's be real. While Mizuho raises valid concerns, writing off Circle entirely might be premature. USDC is still a major player in the stablecoin world. However, this warning is a wake-up call. Circle needs to adapt and innovate to stay ahead of the game. Otherwise, Mizuho's prediction might just come true.

好吧，讓我們成為現實。儘管瑞穗提出了有效的問題，但完全寫出圈子可能還為時過早。 USDC仍然是Stablecoin世界中的主要參與者。但是，此警告是一個叫醒電話。 Circle需要適應和創新才能保持領先地位。否則，瑞穗的預測可能只是實現。

So, buckle up, crypto enthusiasts! It's gonna be an interesting ride. Will Circle defy the odds, or will Mizuho's warning prove prophetic? Only time will tell. But one thing's for sure: keep an eye on those interest rates!

因此，搭扣，加密愛好者！這將是一個有趣的旅程。圈子會違背賠率，還是瑞穗的警告證明預言？只有時間會證明。但是可以肯定的是：請密切關注這些利率！