Simply because payment giants like Visa, Stripe, and Mastercard have formed an alliance to launch Open USD, $CRCL 's stock price has experienced its largest single-day decline since listing. @circle What exactly is going on? Can we continue to dollar-cost average? Let me share my personal views:

1) I started building a position in CRCL through DCA at around $80, because after the CLARITY Act is passed, stablecoins—especially compliant ones like USDC—will be a powerful "branch" for dollar debt resolution. With the AI tech theme hovering at high levels, I believe that DCA-ing into CRCL now will present a similar trend-like opportunity to the one we saw years ago with $NVDA .

Don't argue; this kind of trend investment only requires two simple points: 1) Stablecoins will inevitably become globally adopted; 2) Circle is the first compliant stablecoin issuer.

2) In the short term, the bearish factors for CRCL far outweigh the bullish ones. Circle's main revenue comes from interest income on short-term U.S. Treasury reserves backing USDC, and the market now expects a rate-cutting cycle. Additionally, the controversial provision in the CLARITY Act that prohibits holding stablecoins that earn interest, and Circle's forced profit-sharing with powerful channels like Coinbase and Hyperliquid, are all short-term negatives for Circle.

The launch of Open USD reflects the market's expectation that USDC's distribution channel advantages will be further diluted. In other words, the market doesn't see where Circle's moat for USDC lies, doesn't see where Circle's next growth driver is, and doesn't see how Circle will prevent competitors from taking market share.

3) Therefore, this violent sell-off is mainly the market's pre-pricing of multiple uncertain bearish factors surrounding Circle. It is not directly caused by the launch of Open USD or the alliance of over 100 institutions including Visa, Stripe, and Mastercard.

Because the stablecoin market share is not yet solidified, once the clear bill passes and institutional funds flood in, the stablecoin pie will grow exponentially. So what if one more channel competitor emerges? USDC still has its irreplaceable advantages. Even if a new stablecoin issuer has a thicker TradFi foundation than Circle, it would not be easy to quickly capture Circle's market share in the native DeFi market.

Therefore, this is absolutely a crash driven by excessive emotional reaction, reflecting only the market's worry about not knowing where Circle's moat is. Compared to Circle's true fundamentals, it's an exaggeration.

4) With these issues clarified, the next steps are clear: I will continue to DCA, set a position limit, and dynamically adjust the position based on subsequent USDC supply growth and channel renewal progress.

Especially around the time the CLARITY Act passes, CRCL's market position as the first listed compliant stablecoin company remains solid. Once the market's expectations for the stablecoin megatrend are "confirmed," there will naturally be a corresponding valuation reassigned to CRCL.