Currently, Circle's PE is over 200 times. Let's see again when it drops below 200.
Recently, the Circle has finally rebounded a bit and collapsed back into the 180 range.
After looking at it, Mizuho, Japan's third-largest brokerage, also issued a bearish rating report, which is similar to JPMorgan Chase's previous bearish views.
They all believe that the upcoming interest rate cut will lead to a decrease in Circle's interest income, and at the same time, a large amount of income needs to be subsidized to partners to maintain market share, and profit margins will decline rapidly.
At the same time, Mizuho also pointed out that USDC's market capitalization has remained at $62 billion since April this year, with no significant growth.
According to CMC, USDC's market capitalization has increased by about 105.7 million in the past month, but the leading USDT has increased by about 402 million, which is a huge gap.
6.05K
0
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.