Circle’s stablecoin monopoly could be the next Visa, and that’s not a compliment | Opinion

Key Points

1. Circle's USDC is becoming a dominant stablecoin through partnerships with companies like Shopify, Mastercard, and Visa, embedding it into international payment networks.

2. Stablecoins appear largely interchangeable, but competition is critical to drive lower fees and optimize services.

3. The risk of rent-seeking by private issuers like Circle could lead to unavoidable fees and reduced choice for users and merchants.

4. Compliance and legitimacy should not come at the expense of openness, decentralization, and choice in the stablecoin ecosystem.

5. USDC's ubiquity in DeFi and mainstream finance highlights its growing influence, while questions remain about market diversity and competitive dynamics.