Circle President Defends USDC Strategy Amid Sharp Stock Drop

Circle shares fell about 76% from their post‑IPO peak near $260 to the low $60s after new stablecoin competition emerged. President Heath Tarbert told investors that the company is focused on building a long‑term financial infrastructure around USDC, which now circulates roughly $73 billion across 34 blockchains and is hard for rivals to replicate.

The launch of Open USD – a stablecoin backed by more than 140 firms including Visa, Mastercard, Stripe and BlackRock – adds pressure on Circle’s margins and revenue model. Tarbert also highlighted Circle’s own initiatives, such as the Arc Layer‑1 blockchain whose token presale raised $222 million at a $3 billion valuation, and the recent federal charter that allows Circle to hold USDC reserves under direct U.S. oversight. He argued that these moves constitute a moat that will eventually restore shareholder value despite the current stock weakness.