On June 30, 2026, it was undoubtedly a "sleepless night" for the stablecoin giant Circle.
Led by Stripe, over 140 global top financial and tech giants, including Visa, Mastercard, BlackRock, Google, and Coinbase, jointly established the Open Standard alliance and launched a brand new stablecoin——Open USD .
This news hit the market like a deep-water bomb. Circle (ticker: CRCL) saw its stock price plummet, dropping more than 17% in a single day, falling from previous highs of over $140 to around $62, suffering a devastating cut in half.
Three "Killer Moves": How Does Open USD Strike at Circle's Weakness?
The emergence of Open USD is not just a simple market competition but a fundamental disruption of Circle's business model. Open USD has thrown out three "killer moves":
For Circle, the most profitable business model is to "eat the interest from the reserves." Open USD directly launched a subsidy battle stating "interest belongs to everyone," which is undoubtedly a devastating blow. Even more distressing for Circle is that among the participants in the attack are giants like Coinbase and Visa, who were originally USDC's core "partners."
Adding Insult to Injury: The Triple Plunge Logic Facing CRCL
According to an in-depth breakdown by experienced crypto analysts, CRCL's recent plunge is no accident but a resonating result of three major logics:
1. Destroy Logic (Open USD Alliance): As mentioned, the involvement of 140 giants with a stronger distribution network and subsidy war has directly breached Circle's moat.
2. Destroy Capital (Russell Index Exclusion): CRCL was simultaneously excluded from five major Russell growth indices. This means that huge passive ETFs and mutual funds must mechanically liquidate at market prices on the effective date, a cost-ignoring sell-off that disregards fundamentals.
3. Destroy Sentiment (Market Drag): Bitcoin has recently experienced a sharp decline, with historical net outflows exceeding $6 billion in a single month for ETFs, spreading panic across all crypto concept stocks indiscriminately.
Although there are views suggesting that Open USD currently leans more towards institutional B2B scenarios, Circle still has advantages in the toC payment and trading space, the funding and sentiment pressures facing CRCL in the short term are as heavy as a mountain.
Where is the Best Place to Short CRCL?
In traditional U.S. stock brokerage, shorting stocks often faces challenges such as difficulty in borrowing shares, high interest rates, and high capital thresholds. For crypto natives, is there a smoother way to short?
The answer is: Hyperliquid.
As the currently hottest decentralized derivatives exchange (DEX), Hyperliquid not only supports a vast array of crypto assets but also innovatively introduces synthetic asset contracts of U.S. stocks.
On Hyperliquid, you can directly trade CRCL/USDC perpetual contracts:
- No need for a U.S. stock account: As long as you have USDC, you can directly participate in shorting U.S. stock targets.
- Flexible leverage: Supports leveraged operations to amplify your capital utilization.
- 24/7 Trading: Breaks the restrictions of U.S. stock market closing, allowing you to respond to sudden news at any time.
From AiCoin's real-time market data, the 24-hour trading volume of the CRCL/USDC perpetual contract has surpassed $71.15 million, showing extremely active market trading, with shorting funds pouring in rapidly.
AiCoin: Your Fast Shorting Tool
Want to seize the opportunity to short CRCL on Hyperliquid, but struggle because the official app is not available on mobile?
AiCoin's mobile version has seamlessly integrated with Hyperliquid!
Through AiCoin, you can:
- Millisecond-level monitoring: View CRCL/USDC's depth K-line and MACD and other professional indicators in real-time to precisely capture short signal breakouts.
- Rapid ordering: Authorize securely with one click on your phone, and short at market or limit prices anytime and anywhere, ensuring you don't miss any waterfall market movements.
- Unified management: Manage your CEX spot and Hyperliquid contract positions simultaneously in one app.
When 140 giants are shorting Circle's business model, what are you waiting for?
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The content of this article only represents the author's personal view and does not reflect the platform's stance. The views, conclusions, and suggestions in the text are for investors' reference only and do not constitute any investment advice related to this platform. The market is risky; invest cautiously.
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