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After the release of Open USD, Circle's stock dropped over 16%, analysts say concerns are excessive.
Odaily Planet Daily News: After Open Standard announced the launch of a new stablecoin, Open USD (OUSD), Circle's stock price fell more than 16% on Tuesday. The stablecoin is backed by over 140 companies, including Visa, Stripe, Mastercard, BlackRock, and Coinbase, raising market concerns that it could pose competitive pressure on Circle's USDC.
However, William Blair analysts believe the sell-off is an overreaction and reiterated their "outperform" rating on Circle's stock, stating that the decline may instead present a buying opportunity. The firm believes that Circle holds a first-mover advantage, deep liquidity, and mature payment infrastructure in the stablecoin space, positioning it favorably even against high-profile competitors like OUSD.
Circle CEO Jeremy Allaire said the company welcomes competition and will continue to expand the USDC ecosystem. Analysts also believe that the stablecoin market as a whole is still growing rapidly, and new entrants may not necessarily just take market share from USDC but could also drive broader industry adoption.