Circle Internet Corp.（CRCL）今日盘中股价大幅下跌5.63%，引发了市场关注。
消息面上，瑞穗证券近日将Circle的评级由“中性”下调至“跑输大盘”，并将其目标价从85美元大幅下调至50美元。分析师指出，下调评级的核心原因在于Open USD（OUSD）稳定币联盟带来的竞争威胁，该联盟由贝莱德、Coinbase、万事达卡、Stripe和Visa等超过140家公司组成，其模式将储备收益分配给各参与方，可能导致全行业定价被压缩。此外，Circle与其最大分销方Coinbase即将到来的收入分成谈判也增加了不确定性，市场担忧Coinbase对OUSD的支持会增强其议价能力，从而进一步挤压Circle的盈利空间，这些因素共同加剧了市场对其中长期盈利前景的忧虑。
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