CirclePlunges17%: When a Financial Giant Is Shaken by Competition

Boss, this market movement is fascinating to follow. Circle’s stock price (CRCL) plunged 17% in a single day—a move that not only rattled one company, but also raised questions about the future of the stablecoin industry as a whole.

🍃 Why Is This Happening?

The main trigger is the official announcement from the Open USD consortium. More than 140 giant companies, including Visa, Mastercard, Stripe, Coinbase, and BlackRock, have come together to launch a competing stablecoin.

This isn’t just a new competitor. It’s a fundamental shift in the structure of the stablecoin market. In the past, Circle held an advantage because it was one of the first issuers. Now, the Open USD consortium has a “weapon” that Circle didn’t even have at the beginning of its journey: an already established distribution network.

Visa and Mastercard dominate the global payment card network. Stripe is the backbone of online payments for merchants around the world. Their presence in this consortium isn’t merely a matter of big names—it means direct access to distribution channels that Circle has relied on heavily for years.

What makes this even more interesting: Open USD’s business model is designed to share the lion’s share of yield from Treasury reserves with its participants, unlike Circle, which has long been the main holder of that revenue. This creates a powerful economic incentive for banks and fintech companies to switch to this new stablecoin.

🌌 The Core of This Challenge

Boss, this phenomenon brings to mind Mbah Joyo’s teaching: “Prices may fall, but value is never lost.” Circle still has a wide USDC network, with about $77 billion in circulation and on-chain transaction volume reaching $21.5 trillion in the first quarter of 2026.

However, that value now faces a new reality: when Circle used to be one of the few players, it is now part of an increasingly crowded market. This isn’t the end of everything. It’s a shift—where value is no longer measured only by who was first, but by who can endure in a healthier competition.

Si Fulan — from zero, becoming a hero.

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