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

2025-07-08 09:09:45

Main Idea

Stablecoins like USDC are gaining mainstream success through regulatory alignment and partnerships with major payment networks, raising questions about the need for multiple stablecoins and the balance between compliance and decentralization.

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.

Description

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Circle is rapidly cementing itself as the dominant force in the regulated stablecoin market, leveraging early regulatory alignment and powerful partnerships with payment titans such as Shopify , Mastercard , and Visa . To many observers, this signals mainstream success—evidence that crypto is finally gaining institutional legitimacy. Beneath the sur...

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