Jefferies

Circle shares bounced after a sharp selloff, but Jefferies warned that fresh competition from bank and fintech-backed stablecoins could weigh on USDC growth. The Open USD consortium, backed by major payments and finance firms, is emerging as a possible challenge to Circle's market share.

Jefferies says the Clarity Act remains on a difficult path in the Senate despite recent progress. The bank warns that delays could extend regulatory uncertainty even as passage may support institutional crypto adoption.