On July 1, the EU completely banned USDT, which was supposed to be a massive positive for Circle to dominate Europe.

As a result, $CRCL stock price plummeted 17% today.
The reason is that BlackRock, Visa, and Coinbase—these old foxes of Wall Street—got together and launched a new stablecoin, OUSD, directly overturning Circle's table.
Before, Circle enjoyed all the underlying dollar interest alone, but now OUSD is playing profit-sharing with the interest.
This move is too ruthless; it's like openly inciting all of Circle's channel partners to defect.
The most brilliant part is Coinbase—clearly the biggest channel for USDC, it turned around and became the knife that stabbed Circle the deepest.😂
Although OUSD hasn't officially launched yet, Circle can still be a local tyrant in Europe for the next six months.
But capital has the keenest sense of smell; this 17% sell-off is institutions front-running.
The key going forward is to watch whether Coinbase will launch OUSD trading pairs, and the Q3 stablecoin circulation data.
Let's wait and see who wins!#Gate股票转仓功能上线 $BTC ‌