Open USD Launch Sends Circle Shares Down Over 16%

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Circle's stock price fell over 16% on Tuesday after Open Standard announced Open USD. Open USD is backed by over 140 companies, including Visa, Stripe, Mastercard, BlackRock, and Coinbase. William Blair analysts said the sell-off was an overreaction and reiterated an "Outperform" rating on Circle's stock. Circle CEO Jeremy Allaire said Circle welcomes competition and will continue to expand the USDC ecosystem.
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