Circle's script last week was hijacked by Stripe, Coinbase, and BlackRock, causing the stock to crash 17% in a day. The screen is full of people saying USDC is doomed.


Today, Visa released on-chain data showing USDC's trading volume is leaving Tether further and further behind. The settlement volume of the entire stablecoin space surged 63% in one month.
The driving force is Wall Street banks, which have started using digital dollars for real-money settlements. On one side, the stock market is sentencing it to death.
On the other side, on-chain money is voting with its feet.
Same company, two markets, two verdicts.
Which one is real? Both are real.
The stock price trades the fear of "who gets the interest from now on," while the on-chain runs the reality of "who is used for settlement today." Fear looks at tomorrow, reality looks at today.
As for the day after tomorrow? For now, both sides are just betting on that.
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