Circle slides 8% as Stripe, Coinbase and BlackRock back rival stablecoin network
Open Standard’s Open USD aims to let partners keep reserve income and eliminate minting fees, challenging Circle’s USDC.
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Summary
- Circle shares fell as much as 8% after a consortium of more than 140 companies unveiled Open USD.
- Stripe, Coinbase, Mastercard, Visa and BlackRock are among the project’s launch partners.
- The new stablecoin will let partners retain reserve earnings, striking at one of the key economics of today’s stablecoin issuers.
