Stablecoin War: Jefferies Strikes Back at Circle, USDC CEO Responds — Who Will Dominate?

📖 3 min de lecture The stablecoin war is entering a decisive phase. Jefferies, the American investment bank, has published a note explicitly advising against buying the dip on Circle (USDC), citing the emergence of Open USD (OUSD) as a serious competitive threat. Circle CEO Jeremy Allaire immediately fired back, highlighting USDC’s “network advantage” —...

DailyCryptoNewsJuly 2, 2026⏱ 3 min read

⏱ 3 min de lecture

Par DailyCryptoNews
Publié le 2 July 2026

Adoption

📖 3 min de lecture

The stablecoin war is entering a decisive phase. Jefferies, the American investment bank, has published a note explicitly advising against buying the dip on Circle (USDC), citing the emergence of Open USD (OUSD) as a serious competitive threat. Circle CEO Jeremy Allaire immediately fired back, highlighting USDC’s “network advantage” — an argument reminiscent of tech platform wars.

Intensifying Competition

The stablecoin market, long dominated by Tether (USDT) and Circle (USDC), is experiencing unprecedented fragmentation. The arrival of Open USD (OUSD) — a decentralized protocol backed by DeFi veterans — is disrupting a balance that had held for years. Jefferies’ reaction is a strong signal: for the first time, a major investment bank has publicly taken a position on the competitive risk facing Circle.

“We advise against buying the dip on Circle,” Jefferies analysts write in a note cited by CoinDesk. “The emergence of OUSD creates a competitive dynamic that the market underestimates.”

For its part, Circle is not standing idly by. Jeremy Allaire has stepped up media appearances to defend USDC’s position, emphasizing its deep integration into traditional financial infrastructure — from exchanges to banks to payment platforms.

The European Context: EURXT, Crédit Agricole’s Wildcard

This American war is unfolding against a backdrop of European regulatory evolution. Crédit Agricole has just launched EURXT, a euro stablecoin backed by MiCA, validating the “traditional bank + regulated stablecoin” model. This initiative opens a third path: European bank stablecoins could bypass the USDT/USDC duopoly by leveraging institutional trust and regulatory compliance.

Key Takeaways

The stablecoin market is entering a phase of multidimensional warfare: technological competition (OUSD vs USDC), narrative wars (Jefferies vs Circle), and regional fragmentation (MiCA vs the US framework). For investors, the stakes are clear: stablecoins are no longer a mundane “utility token” — they are becoming a strategic battleground for the future of digital finance.

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