Decrypt·3h ago·mixed

Circle Stock Plunges 16% as Coinbase, BlackRock, Visa Back Rival Stablecoin Open USD

More than 140 companies including Coinbase, BlackRock, and Visa launched Open USD, a rival stablecoin governed by a board of partners. Circle's stock dropped nearly 16% on the news.

Open USD (OUSD) is backed by 140+ firms including Coinbase, Visa, Mastercard, BlackRock, and Stripe
Circle's stock (CRCL) fell nearly 16% on the day and is down 39% in the past month
Open USD promises free, uncapped minting/redemption with reserve earnings shared with partners
Governance sits with a board of partner companies rather than a single corporate parent
The stablecoin is expected to launch later this year, led by former Bridge founder Zach Abrams

marketdefiImpact 8/10

Why our editor rated this mixed

The launch of Open USD is positive for stablecoin competition and infrastructure, but Circle's stock plunge shows market disruption for an existing major player. Overall, more competition and neutral infrastructure is healthy for the crypto industry.

Read the full story at Decrypt

Coinporta summarises news for fast scanning. Full reporting belongs to the source.

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