In the past couple of days, I've seen many discussions about CRCL. My personal view remains consistent with what I said earlier: if USDC still relies on U.S. Treasury yields as its main source of profit, then any stablecoin with potential in the payment space, whether it's Open USD or Close USD, will hurt USDC's stock price.

I think the recent drop in CRCL is not solely due to Open USD. Whether Open USD can officially launch is uncertain, but behind the scenes, payment channels have emerged that are willing to pay for stablecoins, and there are enterprises and institutions willing to use stablecoins for payments.

The market is not buying that CRCL is failing; rather, it's buying that Visa and MasterCard are too successful at this. Not to mention anything else, just look at how these two stocks have risen in the past two days. The market doesn't think Open USD can disrupt CRCL; it thinks Visa and MasterCard have finally figured things out.

So whether Open USD and all those associations and enterprises can succeed is not important. What matters is that Visa and MasterCard are willing to step in and do this. As long as they are willing to do it, then putting together a stablecoin project is not a problem.
#CRCL $CRCLX ‌