Visa's Open USD Push Puts Circle's Stablecoin Moat Under Pressure

Impact · against what's priced in

The launch of Open USD creates a structural paradigm shift that commoditizes stablecoin reserves, presenting an existential threat to Circle's revenue model while positioning Visa and its consortium partners to capture the rails of cross-border payments. While legacy payment processors stand to gain infrastructure control, Circle faces severe margin compression as primary distribution partners like Coinbase defect to a shared-yield model.

CRCL−0.90

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