Circle slides 13% as Stripe, Coinbase and BlackRock back rival stablecoin network

60-second summary

Circle's USDC stablecoin is sliding 13% as major players Stripe, Coinbase, and BlackRock back rival Open Standard's Open USD, a new stablecoin network that promises to let partners keep reserve income and eliminate minting fees, challenging Circle's dominance and potentially disrupting the $130 billion stablecoin market, with implications for decentralized finance and global payment systems.