Mizuho Slashes Circle Price Target 41% on New Stablecoin Rival

Mizuho downgraded Circle to underperform on July 13, 2026, cutting its price target from $85 to $50 — a 41% drop. The reason: Open USD (OUSD), a new stablecoin Mizuho sees as a direct threat to Circle's core business. A $35 cut tied to a named competitor rewrites the investment case for Circle shareholders.