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Bernstein lowers Circle's target price to $140, determining that the threat from Open USD will weaken

According to The Block, Bernstein has lowered Circle's target price from $190 to $140 while maintaining an outperform rating. Analyst Gautam Chhugani stated that the threat posed to Circle by the Open USD Alliance, supported by over 140 institutions including Visa, Mastercard, and Stripe, is lower than market expectations. As of July 28, Circle's closing price was $64.32.The end-of-quarter supply of USDC for the second quarter was approximately $73 billion, down from $77 billion in the first quarter, with the average supply rising to about $76 billion. The average SOFR for the second quarter decreased to 3.62%, the reserve return rate fell to 3.46%, and reserve income rose to approximately $655 million. The USDC balance on Hyperliquid has increased from $5 billion in mid-May to over $6 billion, generating about $210 million in annualized gross reserve income, of which approximately $190 million is directed to the exchange according to the revenue-sharing agreement.Bernstein has reduced its forecast for USDC supply at the end of 2026 by 37% to $83 billion and lowered its 2028 forecast to $170 billion; the adjusted EBITDA forecast for 2026 has been cut by 12% to $602 million, and the earnings per share (EPS) forecast has been lowered from $1.98 to $0.92. However, the firm expects that by 2035, the total supply of stablecoins will reach $4 trillion, with Circle holding about a 30% share. Additionally, Circle received final approval from the OCC in July to establish Circle National Trust.

first_img OpenAI resets all ChatGPT Work and Codex user usage, with an expected extension of about 18% after optimization

On July 29, Tibo, the product lead for OpenAI Codex, announced on X that all usage limits for ChatGPT Work and Codex users have been reset, and released a statement regarding the issue of rapid consumption of GPT-5.6 Sol usage.In the previous weeks, a large number of users reported that the consumption speed of Codex limits exceeded expectations. OpenAI emphasized that it has not reduced the usage quotas of any subscription plans. After investigation, several reasons were found: Sol is more inclined to work for longer periods, execute more tool calls, and coordinate complex workflows than previous models; it consumes more tokens at the same reasoning level; programmatic tool calls (code mode) allow Sol to execute tool calls in parallel, resulting in more responses and higher usage per round; the distribution of impact is extremely uneven, with median user efficiency being acceptable, but heavy users handling complex tasks consuming far more than expected.OpenAI stated that multiple improvements have been completed, and it is expected that usage endurance will be extended by about 18% in typical usage scenarios. Tomorrow, the five-hour limit that was paused during the investigation will be restored. OpenAI acknowledged that "capabilities and efficiency do not always improve synchronously, and some issues only become apparent after large-scale real-world use; we should have realized this earlier."
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