瑞穗指出，稳定币发行商Circle的大部分收入来自USDC储备所产生的利息，而这些储备主要投资于短期美国国债、国债回购协议及现金。因此，如果利率下降或USDC增长不如预期，公司收入可能受影响。随着利率走低、USDC稳定币推广不及预期，以及发行成本上升，未来数年Circle的市场共识预期很可能下调。瑞穗重申对Circle的“跑输大盘”评级，并将其目标价从84美元下调至70美元。
瑞穗指出，稳定币发行商Circle的大部分收入来自USDC储备所产生的利息，而这些储备主要投资于短期美国国债、国债回购协议及现金。因此，如果利率下降或USDC增长不如预期，公司收入可能受影响。随着利率走低、USDC稳定币推广不及预期，以及发行成本上升，未来数年Circle的市场共识预期很可能下调。瑞穗重申对Circle的“跑输大盘”评级，并将其目标价从84美元下调至70美元。
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