/biz/ - Business & Finance

This news is extremely bullish for Circle and USDC but actually bearish for the LINK token, let me explain why. Word in the private discord group is that, following this latest partnership, Chainlink Labs is planning to pivot as a DAO, with LINK getting re-purposed as a "governance" token while the nodes will be staked with USDC, both to avoid volatility and friction for enterprise customers and to comply with upcoming SEC guidelines/avoid being labeled as a security after the XRP debacle. Insiders and early VCs like Framework Ventures who used to be big believers in the project are now exiting their positions and have been dumping their bags OTC. USDC is now de facto the official token of the Chainlink Network whereas the LINK token is essentially abandoned, existing only to be dumped on the few remaining bagholders who forgot to exit at $50.