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Circle stock crashes, Mastercard and Stripe support open dollar stablecoins

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Biquan Network news: Circle’s stock plunged due to a newly announced open-dollar stablecoin project, which is jointly supported by more than 100 financial and technology companies, including Mastercard and Stripe. Circle’s stock fell by about 5% in early Tuesday trading. Bloomberg reported details of the open standard initiative; earlier market commentary indicated that Circle’s stock had dropped as much as 16.30% during the trading session. The project plans to launch a dollar-based open USD stablecoin later this year, allowing users to mint and redeem tokens without paying fees. Unlike existing stablecoin issuers, the open standard plan will distribute reserve yields to participating organizations. The project is led by Bridge, a stablecoin infrastructure company owned by Stripe, and co-founder and CEO Zach Abrams will serve as the interim CEO of the open standard. Meanwhile, participating companies plan to integrate the stablecoin into their own systems once it becomes available. Circle, Tether, and PayPal are not members of the new project, even though their stablecoins remain the largest in the market.
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DepegDaydream
· 4h ago
Over 100 companies support it. Mastercard and Stripe are here. The entry of traditional payment giants is more convincing than the crypto world playing on its own, but Circle and Tether are not included—showing a clear split between the old and new camps.
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GateUser-94818fd0
· 5h ago
Bridge's move is interesting. It distributes reserve yields to participating institutions, effectively using interests to bind the alliance. Zach Abrams personally steps in as interim CEO, seems like going all in.
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MosaicBowtieRealm
· 5h ago
Circle's stock price fell but its ecosystem is expanding instead, which is quite counterintuitive.
View OriginalReply0

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