The investment bank said new competition from the Stripe- and Coinbase-backed stablecoin consortium could pressure USDC's growth. Circle shares were higher on Wednesday after Tuesday's plunge, but Jefferies warned that rising competition from bank- and fintech-issued stablecoins, including the new Open USD consortium, could pressure USDC’s growth and market share. The Open USD network, backed by more than 140 firms such as Stripe, Coinbase, Visa, Mastercard and BlackRock, aims to shar…
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