Circle Stock Dives as Coinbase, BlackRock and Visa Back Open USD Stablecoin
Decrypt·
60-second summary
Circle's stock is plummeting as Coinbase, BlackRock, and Visa join forces to launch Open USD, a new US dollar-backed stablecoin with over 100 major supporters onboard, including Coinbase, a key backer of Circle's USDC. This significant development threatens Circle's market share and dominance in the stablecoin space, potentially leading to a shift in market dynamics and increased competition.
The forthcoming Open USD has more than 100 major supporters onboard, including Coinbase—a key backer of Circle’s USDC.