Circle faces up to 20% revenue risk as AI agents shift USDC, Mizuho says
AI summary
Mizuho analysts estimate Circle faces a 10-20% medium-term downside risk to its reserve revenue as AI agents steer USDC holders toward higher-yielding fiat alternatives. The note frames agentic finance as a structural threat to Circle's interest-income model, which depends on reserves backing USDC. Traders holding USDC or CRCL-related exposure should watch whether automated treasury management accelerates stablecoin outflows.
