Sharp take on Circle's positioning problem. The GENIUS Act window creates a brutal pincer for USDC between established finance and Tether's scale. That Coinbase rev split detail is telling, basically means Circle's been paying rent to exist rather than building a moat. I think the storeBrand analogy is spot on, these market dynamics play out the same way regardless of whether we're talking soda or stablecoins tbh.
Yeah it’s a tough spot. And sadly for Circle, Paxos is way ahead of it in terms of offering a white label stablecoin-in-a-box service, and BitGo just joined the fray in that.
Circle has always acted like it could win this. Everyone was in denial that Tether was a real company, so Allaire clearly thought that when Tether inevitably crashed and burned it would be left standing.
Surprise! Tether isn’t fake! And now the banks with infinite money and customers are coming.
Sharp take on Circle's positioning problem. The GENIUS Act window creates a brutal pincer for USDC between established finance and Tether's scale. That Coinbase rev split detail is telling, basically means Circle's been paying rent to exist rather than building a moat. I think the storeBrand analogy is spot on, these market dynamics play out the same way regardless of whether we're talking soda or stablecoins tbh.
Yeah it’s a tough spot. And sadly for Circle, Paxos is way ahead of it in terms of offering a white label stablecoin-in-a-box service, and BitGo just joined the fray in that.
Circle has always acted like it could win this. Everyone was in denial that Tether was a real company, so Allaire clearly thought that when Tether inevitably crashed and burned it would be left standing.
Surprise! Tether isn’t fake! And now the banks with infinite money and customers are coming.