Jefferies warns against buying the dip in Circle as Open USD raises new competition fears

60-second summary

Jefferies warns investors against buying the dip in Circle, citing new competition from the Stripe- and Coinbase-backed stablecoin consortium, Open USD, which could pressure USDC's growth. This development raises concerns about Circle's market share and potential revenue decline, weighing on the company's valuation and future prospects in the digital currency space.