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Different chains. Different token standards. But same USDC. In this episode of Stablecoin 101, Elton Tay from the Developer Relations team explains: ✅ How USDC is issued natively across chains ✅ What token standards like ERC-20, SPL, ASA mean ✅ The built-in rules that define how USDC works onchain...

12,654 Aufrufe • vor 8 Monaten •via X (Twitter)

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140 of the biggest financial firms on Earth just teamed up to assassinate ONE company. The same company they helped BUILD for 7 years. BlackRock, Coinbase, Visa, Mastercard, Stripe, BNY Mellon, and Google all showed up to sign the kill order: Yesterday, a consortium of over 140 financial firms launched a new stablecoin called Open USD. The target: Circle Internet Group, the $17 billion company behind USDC. Circle stock crashed 17.5% in a single trading session and closed near $62. It is now down more than 40% in 30 days from its May high of $138. But this is NOT a story about a competitor showing up... This is about a company getting assassinated by the exact partners it depended on to survive. Here is how deep the betrayal goes: Coinbase and Circle co-founded USDC together in 2018. They built the stablecoin as partners through the Centre Consortium. In 2024 alone, Circle paid Coinbase $908 million as a distribution fee for hosting USDC on the Coinbase platform. That revenue-sharing agreement expires in August 2026. Six weeks before that renewal, Coinbase publicly signed onto a project designed to make USDC obsolete. BlackRock literally manages Circle's reserves. The world's largest asset manager has been sitting on the $73.6 billion in US Treasuries backing USDC but joined a consortium built to redirect that interest income to other partners instead of Circle. BNY Mellon is Circle's custody bank. Same playbook here. Custody by day, competitor by night. And Open USD is launching natively on Base, which is Coinbase's own blockchain. Coinbase is literally constructing the rails to replace USDC on the chain Coinbase owns. And what makes it worse: 99% of Circle's 2024 revenue came from interest earned on those Treasury reserves. That is the entire business model. Take user dollars, park them in short-term T-bills, keep the yield. Open USD's pitch to the market is a single sentence: Partners keep the yield instead of Circle. Zero minting fees or redemption fees. Almost all the interest income flows back to the 140 companies distributing the coin. Every "partner" that gave Circle its network effect just realized they had been paying Circle to do something they could do themselves. The interim CEO of Open Standard is Zach Abrams, the co-founder of Bridge, the stablecoin infrastructure firm Stripe acquired for $1.1 billion in 2024. Stripe's stablecoin acquisition is now running the coordinated hit against Circle as well. Circle's own CEO Jeremy Allaire went on the record calling USDC "the most trusted, widely adopted stablecoin globally" and welcoming the competition. That is the polite corporate translation for "our largest revenue-sharing partner just publicly announced they no longer need us." Citi projects the stablecoin market will hit $4 trillion by 2030. 140 companies looked at that number, looked at how much of it Circle was keeping, and coordinated to take it. The exchanges that gave USDC liquidity, the banks that gave USDC legitimacy, the card networks that gave USDC distribution, and the asset managers that gave USDC credibility... Every one of them spent years inside the walls before yesterday's public execution. The most successful crypto IPO of 2025 just got dismantled by the SAME names that built it. What do you think?

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