‏🚨 Circle stock declines after the launch of a competing stablecoin backed by more than 140 companies 👀



Circle stock ($CRCL) fell sharply after the announcement of Open USD, a new stablecoin backed by a coalition of more than 140 companies, including:

• Visa 💳
• Stripe
• Mastercard
• BlackRock
• Coinbase
• And a number of other major institutions.

The Open USD project features a consortium model, where not all reserve returns go to a single issuer, but partners receive:

• A share of reserve returns 💰
• Rights in governance and project management 🏛️
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