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Circle stablecoin price fell 17% as BlackRock supported a competing stablecoin.

CoinNetwork
Coin World News, Circle Internet Group’s stock price fell by more than 17% due to a stablecoin for competitive revenue sharing supported by Blackstone. According to Yahoo Finance market data, Circle closed at $62.65 on Tuesday, down 17.52% from the previous trading day. The stock opened at $72.25, fell throughout the day, and ultimately stabilized near the intraday low. Trading volume exceeded 34.5 million shares, far higher than its average daily volume of 14 million shares. The sell-off occurred after the launch of Open USD (OUSDT), a stablecoin jointly developed by more than 140 companies including Blackstone, Google, Visa, and Coinbase. Open USD offers fee-free minting and redemption, and allocates most of its reserve income to members participating in the ecosystem, directly challenging Circle’s core business model. Circle CEO Jeremy Allaire said the new competitor would not pose a major threat to USDC, adding that the stablecoin market is large enough to support multiple successful issuers.
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EchoesOfMistValley
· 3h ago
Trading volume doubled, quite a bit of panic selling, short-term funds are running away, I guess.
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L2LunchBoy
· 4h ago
A 17% decline, the market reaction is even more intense than I imagined.
View OriginalReply0
BridgeHopHarper
· 4h ago
OUSDT's lineup is too luxurious, with Google and Visa getting involved.
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AirdropCheatSheet
· 4h ago
It feels like USDC's monopoly position has been truly shaken for the first time.
View OriginalReply0
0xCaffeine
· 4h ago
If Circle follows suit with fee-free trading, its profit statement will look ugly.
View OriginalReply0
BlackVelvetKeychain
· 4h ago
Blackstone’s combo move is ruthless, going straight for Circle’s vital spot.
View OriginalReply0

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