瑞穗的警告：Circle（CRCL）是否前往撞车事故？

瑞穗分析师在圆圈（CRCL）（稳定巨人）上发出警报。有了“表现不佳”的评分，这是未来麻烦的迹象吗？

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

瑞穗的警告：Circle（CRCL）是否前往撞车事故？

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，伙计们！ Mizuho正在向USDC Stablecoin背后的公司Circle（CRCL）投掷一些严重的阴影。有了“表现不佳”的评级和85美元的价格目标，是时候问：CRCL的聚会结束了吗？

Mizuho's Bearish Stance: A Deep Dive

瑞穗的看跌姿态：深入潜水

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.

瑞穗分析师丹·多莱夫（Dan Dolev）挥舞着危险信号。他认为，市场对Circle的未来收入过于乐观，尤其是随着潜在的降低利率降低。 Circle的商业模式在很大程度上依赖于支持USDC的国库账单所获得的兴趣。减少兴趣，收入减少 - 这很简单。

The GENIUS Act: A Double-Edged Sword

天才法：双刃剑

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.

旨在阐明稳定法规的天才法案实际上可能 *伤害 *圈子。在促进创新的同时，它也为更多竞争打开了大门。想想贝宝（Paypal）和波纹（Paypal），已经参加了Stablecoin游戏。越来越多的球员意味着圆圈的馅饼较小。

Coinbase: The Silent Winner?

Coinbase：沉默的赢家？

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.

这是一个转折：Mizuho建议Coinbase（Coin）从Circle Partnership中受益更多。 Coinbase在其平台上持有的USDC赚取了大量的利息收入，而USDC持有的份额也在增长。同时，Circle的分销成本正在上升，挤出了其利润率。

The Future of CRCL: Cloudy with a Chance of Downpour

CRCL的未来：多云，有机会倾盆大雨

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.

虽然稳定币目前很热，但Circle面临着完美的风暴：潜在的降低速度，成本上升和竞争增加。瑞穗的85美元目标目标意味着明显的下行风险。投资者需要谨慎行事。

My Two Cents (and a Pinch of Salt)

我的两美分（和一小撮盐）

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，让我们成为现实。尽管瑞穗提出了有效的问题，但完全写出圈子可能还为时过早。 USDC仍然是Stablecoin世界中的主要参与者。但是，此警告是一个叫醒电话。 Circle需要适应和创新才能保持领先地位。否则，瑞穗的预测可能只是实现。

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，加密爱好者！这将是一个有趣的旅程。圈子会违背赔率，还是瑞穗的警告证明预言？只有时间会证明。但是可以肯定的是：请密切关注这些利率！