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"The debate around stablecoins has sparked some interesting discussions. Circle's CEO made a response, but there's a clear issue with it: the premise of 'winner takes all' assumes you're the winner. There's no doubt that USDC is the dominant player on-chain and has a certain monopolistic effect, but when it comes to payments, agents, and other areas, it's far from reaching that level. Essentially, the market was betting that USDC could extend its on-chain dominance to other sectors. However, the emergence of OUSD has lowered expectations for CRCL in this regard. Circle has spent years building infrastructure and establishing channels, which are significant advantages. But most of these are concentrated within the crypto space. Whether this advantage can effectively expand into other fields remains questionable (it might eventually become homogenized, like choosing between ICBC and CCB). This is where the debate about their moat lies—both sides are essentially talking about different things based on their perspectives and roles. In my opinion, valuing Circle based on the current on-chain market is a relatively safe floor price. This market is likely secure, as competitors like USD1 and PayPal, while seemingly decent, haven't taken much market share from USDC. As of now, Circle remains the dominant player in the stablecoin space, but expectations for its upper limit have been adjusted downward." #Stablecoins #Crypto #USDC #Circle