USDC (USDC)

OpenUSD could become one of the biggest challengers to USDC. Unlike traditional stablecoin issuers, OpenUSD plans to share reserve revenue with its partners instead of keeping it all. If that model gains traction, it could completely change the competitive landscape for stablecoins.

The better the AI, the more "incidents" 🫤

Trust me: Nobody is ready for that Coinbase bid. People assume 500k in daily buyback pressure because they do the back of the napkin math on $5B TVL. What if I tell you USDC on HL goes to $50B within 24 months That’s $5m in daily buyback pressure. Crazier things have happened

Gm, i was the news yesterday https://t.co/wWOBouUdrF

In OTC markets they are asking for 35 times more money for 1 @arc USDC. Liquidity is already scarce, and if you want to acquire a bit more USDC the ratio can rise to 50-100 times. https://t.co/9kx6n6M75W

Visa is personally getting into stablecoins: it launched a stablecoin platform. The goal is to make it easier for banks, financial institutions and fintech companies to issue and manage stablecoins, and to seamlessly integrate them into Visa’s existing payment ecosystem. Specifically, the Visa stablecoin platform offers: • stablecoin minting, movement, management; • helping banks and financial firms integrate stablecoins into existing payment, settlement, and fund transfer systems. The target coverage exceeds 200 million merchants and 15,000 financial institutions. Visa is a traditional payments giant, and this time it is directly building stablecoin infrastructure, stepping in hands‑on. Its strategy is to embrace and upgrade stablecoins, not to eliminate them. The larger the stablecoin market, the more transactions Visa’s network processes (they are already earning real revenue from it). This is very favorable for the next wave of stablecoin adoption and will expand the overall stablecoin market (more use cases), although the market concentration of top issuers may decline, with competition shifting toward distribution capability, merchant onboarding, and compliance. So, what impact will this have on Tether/Circle? For USDC (Circle), the short term is bullish, as the Visa platform directly supports USDC settlement and integration, giving USDC a first‑mover advantage. Of course, in the medium to long term there will be fierce competition; alliance coins like OUSD and bank‑issued stablecoins will divert some institutional/payment business. Circle’s strengths are compliance and existing integrations, but the “single‑issuer earns reserve interest” model may be challenged (the alliance model could share revenue with distributors). For USDT (Tether), the impact is relatively larger. USDT relies on transaction volume and emerging markets. Traditional finance players like Visa prefer compliant and transparent options (such as USDC/OUSD). USDT remains strong in pure crypto scenarios, but its share in merchant payments and institutional settlement could be eroded. In summary, Visa is not here to “kill” USDC/USDT, but to “collect rent” and enlarge the pie. It’s positive for those holding the stablecoin ecosystem long‑term, but the pure issuance‑for‑interest model will face challenges later. What about the impact on Ethereum? The conclusion is that the effect on ETH is neutral to slightly bullish, with the upside coming from accelerated adoption of stablecoins. Visa’s cooperation with the Ethereum ecosystem is close, and Visa’s stablecoin platform will bring more traditional capital into the ETH network via stablecoins. In the long term, mainstream stablecoin adoption will attract more institutions and merchants on‑chain, increasing demand for ETH as a settlement layer/L1 (especially after L2 scaling, with more gas fees and MEV revenue). Visa’s data also shows that stablecoin transaction volume is pushing up on‑chain activity. Of course, Visa’s stablecoin will support multiple chains, not only Ethereum, but as the most mature and decentralized chain, Ethereum will be the preferred choice for compliant stablecoins by institutions.

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