Crypto QuickNotes: Rising Stablecoin Competition Pressures CRCL

Research evidence excerpt

Crypto QuickNotes: Rising Stablecoin Competition Pressures CRCL

USA | Digital Assets EquityJuneResearch30, 2026

Exhibit 1 - Circle (USDC) holds 25% of theCrypto QuickNotes: Rising Stablecoin

Competition Pressures CRCL global stablecoin market Tether (USDT)

2% 5%

3% Circle (USDC)A consortium of 140 companies, including Mastercard, Visa, Stripe and 2%

Ethena (USDe)Coinbase, announced the coming issuance of stablecoin Open USD (OUSD) in 63%

2H26. Circle was notably not included in the consortium and fell 18% on the Sky (USDS)

news. CRCL headwinds are unlikely to ease, in our view, as rising competition 25% World Lib. Fin. (USD1)

pressures USDC supply growth and market share. Other

.

Source: TokenTerminal, Jefferies. Data as of 6/29.

Open Standard announces coming launch of stablecoin OUSD

What Happened: On Jun 30, a consortium of 140 businesses announced the formation of

Open Standard, which will issue stablecoin OUSD later this year. Founding partners include

Mastercard, Visa, Stripe and Coinbase (COIN), as well as banks (BNY, Standard Chartered, U.S.

Bank), fintechs (Adyen, Chime, Fiserv, Klarna, MoneyGram, Western Union), payments networks

(American Express, Discover), tech companies (Alphabet, IBM, Samsung), asset mgrs/exchanges

(BlackRock, ICE) and blockchain-natives (Aave, Anchorage, Bitso, Bybit, Crypto.com, Digital Asset,

Fireblocks, Galaxy, MetaMask, MoonPay, Morpho, OKX, Ripple, Solana). Circle (CRCL) was not

included in the consortium and fell 18%.

Rising competition unlikely to ease as CRCL headwinds grow

Our Take: Depressed trading volumes have pressured USDC supply growth ytd, but rising

competition may increasingly challenge supply growth and market share going forward, a risk

we flagged in our report published last night.