Circle’s stock price dropped immediately—this “Open USD” hasn’t even launched yet, yet it already cut a wave of loyal old players. Is Bridge trying to flip the table, or start fresh with a whole new plan?

CoinWorld reported that Circle's stock price fell due to the announcement of an open USD stablecoin plan, supported by over a hundred companies, including Mastercard and Stripe. The plan, driven by an open standard initiative led by Bridge, aims to launch a free minting and redemption open USD stablecoin later this year, with reserve yields distributed to participating institutions. Bridge founder Zach Abrams will serve as interim CEO. Companies involved plan to integrate the stablecoin into their own systems once it becomes available. Circle, Tether, and PayPal are not new members but remain key market players.