@uyennguyen
Coinbase's Q2 earnings point to shrinking USDC margins for Circle, Mizuho says
On the heels of Coinbase releasing second-quarter earnings, Mizuho Securities analysts have reaffirmed their belief that
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issuer Circle's shares will eventually decline. That's because they believe the stablecoin issuer that recently went public will likely continue to face shrinking margins amid rising distribution costs.
The analysts estimate Circle earned about $625 million in total interest income from USDC reserves in the second quarter, with $332.5 million paid to Coinbase.
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