Stablecoin Shakeup: 140 Giants Target Circle


[Plain Language Summary] On June 30, Circle's stock price plummeted 17.55% to around $62, a four-month low, while the broader market was celebrating a strong quarter. The trigger was over 140 giants (Visa, Mastercard, Stripe, BlackRock, Coinbase, etc.) joining forces to launch the open-source stablecoin OUSD, promising to share almost all reserve yields with partners and implementing permanent zero fees.
This "name-and-shame blast" directly targets Circle's single profit model relying on Treasury interest. As the stablecoin market explodes to $312 billion, the commoditization trend in the issuance segment has become irreversible, and the story of exclusive interest earnings is no longer sustainable. In the short term, USDC's fundamentals remain, but the industry landscape is being rewritten.
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