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Crypto Critics' Corner
Circle is losing the stablecoin war to Tether (Feat. Leo Schwartz)
Sep 20, 2023
Leo Schwartz from Fortune joins the podcast to discuss why Circle's stablecoin, USDC, can't seem to overtake Tether. They dive into Circle's risk management, changing business model, declining market cap, and the role of stablecoins in the crypto market. They also explore the regulatory landscape and potential use cases of stablecoins.
51:16
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Quick takeaways
- Circle struggled to maintain its competitive position against Tether due to challenges with banking partners and reserves.
- Circle's shift towards a model where only Coinbase and Circle issued USDC tokens raised questions about their commitment to their original vision.
Deep dives
Circle's intention to create a financial revolution falls short compared to Tether
Circle, a major alternative to Tether, positioned itself as a regulated stablecoin company working with regulators. However, it faced significant challenges after being hit by the banking crisis. With its reserves trapped at Silicon Valley Bank and the loss of stability, Circle struggled to maintain its competitive position against Tether.
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Discover
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