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.