Open Standard Launches Open USD Stablecoin with 140 Supporters Including Visa, Mastercard, BlackRock; Circle's CRCL Plunges 17%

News Editor

2026-07-01 05:01:26

Open Standard has launched a new dollar stablecoin, Open USD, backed by 140 payment, financial, tech, and crypto firms, including Visa, Mastercard, BlackRock, Google, and Coinbase. With zero-cost minting and redemption, partner revenue sharing from reserves, and neutral governance, it directly challenges Circle's USDC dominance, causing Circle's stock CRCL to drop over 17% in a single day.

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New Stablecoin Open USD Launches

Open Standard has officially launched Open USD, a new dollar-pegged stablecoin, securing support from 140 major institutions spanning payments, finance, technology, and crypto — including Visa, Mastercard, BlackRock, Google, and Coinbase. The stablecoin features zero-cost minting and redemption, reserve yield distribution to partners, and a neutral governance structure, aiming to lower barriers and incentivize broader participation.

Market Impact

The move directly threatens Circle's USDC market position, causing Circle's stock (CRCL) to plummet over 17% on the same day. Analysts view the broad coalition and innovative mechanisms as a potential game-changer in the stablecoin landscape, putting immediate pressure on USDC's market share.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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