The Short Case: The bears argue that printing a digital dollar is becoming a commodity game.
With the recent launch of Open USD which is a big consortium stablecoin backed by Coinbase, Visa & Mastercard, the bears scream that Circle's core product USDC is facing a margin crushing distribution war.
The Bull Case: The Moat of Trillions
The bulls point to an undeniable milestone: global stablecoin transaction volumes have crossed a staggering USD 30 trillion.
Circle isn't a speculative crypto play. It is an institutional utility. Backed by favourable federal law like the US Genius Act & Europe's strict MiCA framework, Circle's USDC has hit USD 73.3 billion.
Circle's recent earnings have shown that its Revenue less Distribution Cost (RLDC) margins expanded to 41%. Circle is building the structure for the future of money.
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