USDC (USDC)

$USDC is Coinbase's fastest-growing and highest-margin business. Stablecoin revenue made up close to 20% of Coinbase's total revenue in 2025 (about $1.35 billion), and almost all of it comes from the cut Coinbase earns on $USDC reserves through its deal with Circle. Open USD's $OUSD goes straight at that setup.

Open USD looks like its coming for $USDC - Coinbase's cash cow. And the regulatory help the industry was counting on has stalled too... The CLARITY Act looks like it's about to blow past the White House's July 4 target, with ethics and law‑enforcement provisions unresolved heading into the August recess - so no near‑term boost is coming from Washington. That's why our lead analyst, @m0xt_, just trimmed his position. But he isn't calling the stock dead (by any means). Coinbase is already beaten down after soft crypto sentiment and a weak Q4, when revenue fell 20% and the company posted a $667 million loss. So some of this news is likely already priced in.

The stablecoin duopoly is finally under pressure. Circle stock tumbled 16.3% after Mastercard, Stripe, BNY, and several major payment firms unveiled Open USD. Instead of being controlled by a single issuer, $OUSD is backed by a shared, neutral infrastructure where reserve profits are distributed across participating partners. If this model gains traction, it could chip away at the dominance of $USDC and $USDT, which have long controlled nearly the entire stablecoin market. This isn't just another stablecoin launch — it's a direct challenge to the economics behind today's market leaders.

Maple is expanding into the Robinhood ecosystem, with syrupUSDG and syrupUSDC now live on Robinhood Chain. Steakhouse approved Maple’s syrupUSDG as collateral for the vault used in Robinhood Earn, the first decentralized lending product available within the Robinhood app. Now live on Ethereum and Robinhood Chain.

Maple is expanding into the Robinhood ecosystem, with syrupUSDG and syrupUSDC now live on Robinhood Chain. Steakhouse approved Maple’s syrupUSDG as collateral for the vault used in Robinhood Earn, the first decentralized lending product available within the Robinhood app. Now live on Ethereum and Robinhood Chain.

Circle's CEO isn't panicking about OUSD Jeremy Allaire (@jerallaire) laid out why USDC's decade of network effects will be hard to replicate, responding to investor questions after $CRCL dropped 16% on Open USD's launch. His numbers: per Artemis, $USDC handled nearly $30T in onchain transactions in Q1 2026, 80% of all dollar stablecoin volume. $USDT took the rest. Every other stablecoin combined barely registered. He also picked apart OUSD's pitch point by point. Free mint and burn, revenue sharing, consortium governance. Called each one weaker than it looks on paper. solana:9Pm3nyJpnLXQ2aDP2KGA2CRbJKrGShZQb7JbcQA3pump launched Tuesday backed by Visa, Mastercard, Stripe, BlackRock and Coinbase. 140+ partners deep. Network effects versus 140 companies with skin in the game. Which wins?

💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 250,000,000 $USDC (250,042,233 USD) minted at USDC Treasury https://t.co/Op5eNLF5i5

Stablecoin Payouts are now available through Circle Mint France. Eligible European partners can use the Payouts API to send third-party payouts in USDC and EURC to hosted wallets through a single integration. That can support workflows across: → Merchant settlements → Supplier and vendor payouts → Platform disbursements → Cross-border B2B payments → Creator and contractor payouts https://t.co/MwRfXqIXJ7

Yearn's risk team released a new tool highlighting dependency risk across different protocols Quick explainer on how to use this new tool https://t.co/vPsqzgvKkJ