Tech, Finance Titans Redraw Stablecoin Map in Threat to Circle

Circle Internet Group Inc.'s stock declined this week. The shift reflects investor expectations that stablecoin profits may flow to companies controlling transaction infrastructure rather than those issuing the coins themselves. Tech and finance companies have begun developing competing stablecoin platforms and payment systems. Circle, which issues the USDC stablecoin, faces increased competition from larger technology and financial firms entering the market.

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