The stablecoin market is fracturing along a new fault line. More than 140 companies, including Coinbase, BlackRock, Visa, Mastercard, and American Express, have coalesced behind Open USD, and the question markets are now asking is whether Circle can hold its ground.

A successful listing, booming interest in stablecoins, and a potential wave of crypto IPOs could reshape how markets view digital finance. Here’s what Circle’s IPO means for crypto.