Cathie Wood says Circle is disrupting Visa and Mastercard as USDC transaction volumes and market share continue to expand.

Circle reported $48 million in second-quarter net income, while USDC processed $849 billion in transactions in July and reached 62% market share.

Visa and Mastercard are facing growing stablecoin competition after joining the Open USD consortium alongside Circle rival Coinbase.

Cathie Wood challenged Wall Street’s view of Circle, Visa and Mastercard on Aug. 23, arguing that analysts are underestimating stablecoin competition. The ARK Invest founder said CRCL had gained 84% since its June 2025 IPO. By comparison, Visa and Mastercard posted year-to-date gains of 5% and 1%, respectively, while Circle’s stock recovered 30% in July.

Circle’s Results Put Focus on USDC Growth

Wood said many financial services analysts built their reputations covering Visa and Mastercard. However, she argued that those analysts cannot understand Circle as a payments industry disruptor. According to Alex, a finance researcher and partner at Artemis and Oobit, the recent stock moves reflect a shift in market views.

Circle reported $48 million in net income during the second quarter of 2026. That result reversed a loss recorded in the same period a year earlier. Circle’s transaction revenue also doubled during the quarter, giving investors a clearer view of how USDC usage is translating into the company’s financial results.

USDC recorded about $849 billion in transaction volume in July and held 62% market share. During the first half of 2026, USDC processed a record $5.3 trillion in transactions. Even after a 30% rally in July, CRCL was still trading about 58% below its peak.

CRCL debuted at $31 on June 5, 2025, and later rose to nearly $299 before declining sharply from that level.

OUSD Consortium Adds New Competition

Circle’s market position now faces competition from the Open USD consortium and its OUSD stablecoin. The consortium launched around June 30, 2026, with Stripe, Coinbase and BlackRock among its partners.

Visa and Mastercard also joined the group. According to Alex, Mastercard paid $1.8 billion for BVNK Finance. BVNK had previously powered Visa’s stablecoin payouts.

The arrangement adds another link between traditional payment networks and stablecoin infrastructure, and it underscores how established payments companies are positioning around the same rails they once treated as adjacent. Coinbase’s participation also places a former Circle partner behind a competing stablecoin project.

Payments Stocks Show Different Market Moves

According to Alex, Circle’s July rally followed an earlier 42% decline over the previous 12 months. He said CRCL’s rebound came alongside Circle’s profit turnaround and higher transaction revenue. Alex also cited $33 trillion in stablecoin transfers over the past year, which he said represented 72% growth.

Meanwhile, Visa and Mastercard continued to post smaller year-to-date gains. Both companies also joined the OUSD consortium as competition expanded across stablecoin issuance and payment infrastructure.

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