Mizuho Cuts Circle Price Target 41% to $50, Cites OUSD Competitive Threat

On July 13, 2026, Mizuho downgraded Circle to underperform and cut its price target from $85 to $50 — a 41% reduction. The catalyst: the launch of Open USD (OUSD), which Mizuho sees as a direct threat to Circle's stablecoin business. A $35 target cut tied to a specific new competitor resets the fundamental thesis for holders of Circle equity.