A post by Circle co-founders seemingly responds to the launch of Open USD: welcomes competition, stablecoins will reshape the infrastructure for storing and circulating money

Shenchao TechFlow message: On June 30, possibly impacted by news of competition from Open USD, CRCL saw a sharp drop of nearly 9% at one point during the trading session. Circle co-founder and CEO Jeremy Allaire posted what appeared to be a response, saying that stablecoins are reshaping the infrastructure for storing and circulating money with the internet, becoming one of the largest potential market opportunities worldwide, and emphasizing that he remains firmly bullish on this sector in the long term.

Jeremy Allaire added that Circle will continue to expand the USDC ecosystem by connecting to more blockchain networks, improving cross-chain interoperability, and strengthening integration with traditional financial systems, including banks, payment companies, and capital market institutions, to further standardize stablecoin infrastructure. He also welcomes ongoing innovation and competition in the industry, and will focus on building a more complete stablecoin infrastructure while enhancing partners’ ecosystem participation and economic incentive mechanisms, aiming to drive the development of a “stablecoin-native internet financial system.”