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

The article argues that stablecoin issuance (i.e., digital dollars on blockchain) is shifting away from crypto-native firms that effectively dominated the market for much of the past decade. It frames this as a “rewrite” of global financial infrastructure, but provides no specific transaction, policy change, or quantified impact.

Analysis

The article argues that stablecoin issuance (i.e., digital dollars on blockchain) is shifting away from crypto-native firms that effectively dominated the market for much of the past decade. It frames this as a “rewrite” of global financial infrastructure, but provides no specific transaction, policy change, or quantified impact.