Circle stock got dumped by Meet Kevin, a bad sign for stablecoin companies like Circle, PayPal, and Block.

• The whole pitch for stablecoins was instant, 24/7 money transfers — but the Fed's own "Fed Now" system now does that for free, directly from bank accounts.
• Fed Now is spreading fast: 1,800 banks use it, half of all US checking and savings accounts can access it, and transactions are jumping.
• That kills the main reason to use a stablecoin like Circle's USDC at home, leaving only cross-border payments, where prices are already falling.
• Circle's other selling points — a banking license, AI making payments, stock settlement — look weak, since its license is limited and banks can just use Fed Now.
• The same threat hangs over PayPal, Venmo, Zelle, and Cash App, since people with a bank account may no longer need a separate app to send money.

Outlook: If Fed Now keeps growing and expands to cross-border payments, stablecoin firms lose their edge and Circle's stock stays under pressure.