Recently, $CRCL has been heavily criticized, especially with the launch of Open USD. Visa, Stripe, and even Coinbase all went over to support the other side. Many say Circle's CEO has squandered a good hand, and some have even sold at a loss to exit. But looking at X, the discussion heat is still terrifyingly high.

Why is everyone so obsessed? In fact, they're betting on one thing: the globalization of stablecoins is an unstoppable trend.

The current crash is essentially because people can't see where Circle's moat is. Their previous business model was too comfortable—lying on a 5% US Treasury yield, raking in billions in profit a year. Now that we're entering a rate-cutting cycle, revenue shrinkage is inevitable. Plus, they have to share dividends with channel partners like Coinbase and Hyperliquid, squeezing profit margins severely.

But don't forget, $CRCL is currently the most well-established player on the compliance track. The Open USD project involving over 140 institutions is trying to take USDC's market share in native DeFi, but that's impossible in the short term. It's like banks banding together to create a payment system—on paper it looks strong, but on the internet, they may not necessarily beat the player that's already deeply rooted.

If the CLARITY Act actually passes, Circle will be the top candidate for "dollarizing U.S. Treasuries." This kind of opportunity might be just like a few years ago when nobody valued NVDA. As long as USDC's supply and channel data don't collapse, this emotional crash is actually a rare "discount price."

Don't care what others say; keep your eyes on the compliance mega-trend, and leave the rest to time.