Samsung Electronics, BlackRock, Dunamu, Mastercard' Circle Collapsed in One Day with the Emergence of Stablecoins Created by Giant Corporations | Seo Dong-ju, Kim Dong-hwan, Park Sang-hyuk Digital Asset Reporter [Crypto PLUS]

Summary

The panel discusses Bitcoin's struggle below $60k amid record outflows from US spot Bitcoin ETFs and capital rotation into semiconductor ETFs. A major stablecoin alliance called Open Standard launches OUSD with 149 prominent partners, threatening Circle's USDC and causing Circle's stock to plunge. Regulatory uncertainty around the Clarity bill adds further pressure to the digital asset market.

• Bitcoin falls below $60k, with US spot Bitcoin ETFs recording their largest monthly outflows, led by BlackRock's IBIT.
• Bloomberg data shows capital flowing from Bitcoin and gold ETFs into semiconductor ETFs, supporting a rotation trade.
• Park Sang-hyuk bought U.S. semiconductors (SOX) on the view that Apple price fears are overblown and semis had been consolidating sideways.
• A consortium of 149 companies including Visa, Mastercard, Stripe, BlackRock, Samsung, and Coinbase launches the OUSD stablecoin under the Open Standard.
• OUSD's revenue-sharing model, distributing reserve income to partners, directly threatens Circle's USDC business, which keeps reserve profits for itself.
• Circle's stock plunged 17.6% in one day on the OUSD news, and the competitive landscape appears increasingly unfavorable for Circle.
• The Clarity bill's passage remains uncertain with limited legislative time before the August recess, adding to crypto headwinds.
• Tether (USDT) is relatively insulated from OUSD competition due to a different user base and offline usage in emerging markets.