Circle shares drop 13% as Stripe, Coinbase, BlackRock back rival stablecoin Open USD

A consortium of 140+ companies including Stripe, Coinbase, Mastercard, Visa, and BlackRock launched Open USD, a stablecoin that lets partners keep reserve income, directly challenging Circle's USDC.

• Circle shares fell to a 4-month low after Open USD was unveiled by a consortium of 140+ companies.
• Open USD lets businesses mint and redeem stablecoins without fees and keeps reserve income for partners, not the issuer.
• The project is led by Zach Abrams, co-founder of Bridge (acquired by Stripe in 2024).
• The stablecoin market has grown to over $300 billion, with Citi projecting $4 trillion by 2030.

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