Cathie Wood, founder of ARK Invest, argues that analysts covering Visa and Mastercard fail to grasp the threat Circle poses to these established payment players. CRCL shares have surged 84% since the June 2025 IPO, while Visa and Mastercard have gained just 5% and 1% year-to-date. Circle reported net income of $48 million in Q2 2026, a sharp reversal from a prior-year loss, with transaction revenue doubling. USDC dominates the stablecoin market with 62% share, handling $849 billion in transaction volume in July and $5.3 trillion in the first half of 2026. The emergence of the Open USD consortium, backed by Stripe, Coinbase, and BlackRock and joined by Visa and Mastercard, represents the most credible competitive threat Circle has ever faced.
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