Circle’s Blockchain Sparks Clash Over Future of Digital Payments

When Circle Internet Group Inc. went public this summer, it marked a milestone: stablecoins — once a niche crypto utility — were stepping into the financial mainstream and USDC, its dollar-pegged token, cemented itself as a cornerstone of digital-asset infrastructure.

Now, Circle is pushing to build on that momentum. Some 95% of Circle’s second-quarter revenue came from interest on the cash and bonds backing USDC — a windfall while interest rates remain high. But with cuts expected, Circle is looking to diversify and lock in a more durable role in digital finance.

Last week, it made its boldest move ...