Circle’s stock declined as the forthcoming Open USD stablecoin attracted support from more than 100 major organizations. Backers include Coinbase, BlackRock and Visa.
Circle’s stock declined as the forthcoming Open USD stablecoin attracted support from more than 100 major organizations. Backers include Coinbase, BlackRock and Visa.
The development matters because Open USD could add competition to the stablecoin market. Coinbase’s involvement is particularly notable given its role as a key supporter of Circle’s USDC.
Circle’s stock fell as a new stablecoin initiative called Open USD gained backing from more than 100 major supporters, including Coinbase, BlackRock and Visa.
The development matters because Open USD could add competition to the stablecoin market. Coinbase’s involvement is particularly notable given its role as a key supporter of Circle’s USDC.
The breadth of support also places major crypto and traditional finance companies behind the forthcoming stablecoin. BlackRock and Visa join Coinbase among the prominent names associated with the project.
Open USD has not yet launched, but its supporter list gives the initiative significant industry visibility ahead of its debut. The announcement also puts renewed attention on Circle as the company faces the prospect of another well-backed dollar stablecoin entering the market.
Keep exploring
Bitcoin came under selling pressure near $58,000 as the US dollar climbed to its strongest level against the Japanese yen since 1986. Market analysis also pointed to capitulation among buyers who entered near Bitcoin’s 2025 highs.
Read
Circle shares fell 16% after a major consortium unveiled Open USD, a stablecoin designed to share reserve income with distribution partners. Analysts see a credible competitive threat but say key structural questions and the difficulty of attracting users could limit its impact.
Read
Nasdaq is extending distribution of its proprietary TotalView market data through Pyth’s marketplace. The arrangement makes the data available to blockchain applications and other software platforms.
Read