.MizuhoAmericas expects depressed crypto trading volumes for 2023 -2024 and downgrades coinbase shares to underperform with a $30 price target. By willcanny99
Interest income from Circle’s USD Coin has become increasingly important for crypto exchange Coinbase , accounting for 10%-15% of third quarter revenue, amid deteriorating sentiment and trading volumes, Mizuho said in a research report Friday.
Any potential changes to Coinbase’s USDC income from Circle could have an “amplified adverse effect on its profitability,” the report said.for users that wish to switch to USDC from Tether's USDT.
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