Woofun AI reports that Mizuho analysts warn the proposed "Clarity Act" could negatively impact Circle in the long term by accelerating stablecoin commodification. While regulatory clarity benefits the broader digital asset industry, it may erode USDC's revenue potential as institutions enter the market. In the near term, Circle faces pressure from Open USD, a project backed by over 140 firms including Visa, Mastercard, Stripe, BlackRock, and Coinbase. Unlike Circle, which retains approximately 38% of USDC reserve yields, Open USD uses a "pass-through" model, distributing nearly all yields to partners while keeping only a small management fee. Coinbase, the largest USDC distributor, also supports Open USD, potentially strengthening its bargaining power in upcoming revenue-sharing renegotiations with Circle, which could occur as early as next month.