Jefferies cautions investors on Circle stock amid rising stablecoin competition

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Investment bank Jefferies has advised against buying the dip in Circle's stock, citing growing competitive pressures in the stablecoin market. The warning comes after the emergence of Open USD, a new stablecoin consortium backed by major players Stripe and Coinbase. Jefferies believes this new entrant could significantly challenge the growth trajectory of Circle's USDC stablecoin. The bank's cautious stance reflects broader concerns about market share erosion for USDC as well-funded rivals enter the space.

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