Tech, Finance Titans Redraw Stablecoin Map in Threat to Circle

For years, the stablecoin race has been defined by a simple objective: build the dominant digital dollar. This week’s turbulence in Circle Internet Group Inc.’s shares suggests investors are beginning to price a different future — one in which the… For years, the stablecoin race has been defined by a simple objective: build the dominant digital dollar. This week’s turbulence in Circle Internet Group Inc.’s shares suggests investors are beginning to price a different future — one in which the biggest rewards may accrue not to the companies issuing stablecoins, but to those controlling how they move.