TREE NEWS reports: Mizuho said Circle faces a 10-20% medium-term downside risk to its reserve revenue as AI agents steer USDC holders toward higher-yielding fiat alternatives. The brokerage’s assessment puts a figure on how autonomous agents could erode the stablecoin issuer’s core earnings stream.
Mizuho Flags 10-20% Revenue Risk for Circle from AI Agents
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AI take
The significance here is that a sell-side brokerage is now quantifying agent-driven disintermediation of a stablecoin issuer's core economics, not just flagging it as a theme. It matters most for Circle's reserve-income model and for anyone holding USDC, since the risk runs through holders being routed to yield rather than through any change in the token itself. Whether agent-mediated allocation actually shifts flows away from USDC, or stays a theoretical sensitivity, is the open question worth tracking.
Generated by AI for reference only.
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