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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
07/01/2026

Circle Plunges 17% as Stripe, Coinbase, BlackRock Back Open USD Stablecoin

What happened: Circle (CRCL) shares tumbled 17% Tuesday, closing below $63 and marking a 55% decline from mid-May, after Stripe, Visa, Mastercard, Coinbase, BlackRock, and over 140 partners unveiled O

Circle Plunges 17% as Stripe, Coinbase, BlackRock Back Open USD Stablecoin

What happened: Circle (CRCL) shares tumbled 17% Tuesday, closing below $63 and marking a 55% decline from mid-May, after Stripe, Visa, Mastercard, Coinbase, BlackRock, and over 140 partners unveiled Open Standard's Open USD (OUSD) stablecoin. Open USD aims to disrupt the $300B stablecoin market by offering zero minting/redemption fees and distributing reserve income to partners, with native issuance on Plasma and Tempo blockchains. Stripe announced it will make Open USD the default for stablecoin businesses on its platform.

Why it matters: The launch signals the most coordinated challenge yet to Circle's USDC, which holds ~$73B market cap, and Tether's USDT (~$145B). With Citi projecting the stablecoin market to reach $4T by 2030, the consortium model and revenue-sharing could attract major fintech and TradFi players. However, Open USD's execution at scale remains untested, and Circle/USDT's liquidity moat is significant. Circle CEO Jeremy Allaire welcomed competition but faces mounting pressure as partners and liquidity migrate.

Source: CoinDesk