#CirclePlunges17% Saham Circle Internet (CRCL) shares plunged sharply by 17% after a surprising announcement about the launch of a new stablecoin consortium called Open Standard. This global fintech leap is seen as a direct threat to Circle’s dominance in USD Coin (USDC) in the digital asset market.

​Here are the key points behind the fall in Circle’s stock:
​Real Threat from the “Open Standard” Consortium
​Market panic was triggered by reports that more than 180 top companies—including Visa, Mastercard, Stripe, BlackRock, Google, and Coinbase—have come together to support the launch of Open USD (OUSD).
​Unlike Circle and Tether’s traditional business model, OUSD brings a new breakthrough:
​Fee-Free: No fees for minting or redeeming.
​Volume Holder Revenue Sharing: Interest income from asset reserves will be flowed back to partners that drive transaction volume, rather than being kept by a single issuer.
​No Issuance Limits: Offers massive liquidity flexibility for large institutions.
​Market Reaction and Analyst Responses
​Although the hashtag #CirclePlunges17% shook investor sentiment on the NYSE, some analysts believe this decline is an overblown emotional reaction. William Blair gave CRCL stock an Outperform rating and suggested a Buy action.
​They argue that Circle still has a strong competitive advantage thanks to:
​Superior Liquidity: USDC’s market capitalization, reaching around $73 billion, far exceeds that of its nearest competitors.
​Mature Infrastructure: Circle’s Stablecoin Movement Infrastructure (CPN) network is already deeply integrated across various global financial institutions.
​The challenge for OUSD going forward is to replicate the strict regulation and the level of trust that Circle has built over the years. Even so, the entry of major players like Google and Visa shows that the stablecoin industry landscape is entering a new chapter of very intense competition.