Circle stock tumbles as a rival stablecoin enters market

Circle is facing a brutal betrayal that could end USDC’s relevance. Even though Coinbase owns a stake in Circle, they’ve joined a 140-firm coalition—including Visa and BlackRock—to launch a rival stablecoin, Open USD. This move helped send Circle’s stock crashing 43% this month. When your own biggest backers fund your replacement, the writing is on the wall: the era of USDC is over. Can Circle survive when its partners have already moved on? What’s your take?
This summary was generated by AI