Morgan Stanley downgrades Circle, slashes price target by 64%

Regulatory milestones mean nothing if no one is using your product. Despite Circle securing a New York trust charter, Morgan Stanley just gutted its price target by 64%, signaling that USDC is losing the stablecoin war. With supply dropping by $4 billion in a single quarter and reserve income drying up, the "safe" institutional choice is looking like a massive value trap. Is USDC's decline inevitable as competitors move in, or is Wall Street being too bearish?
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