Open Standard has announced the launch of a new dollar stablecoin, Open USD, backed by 140 payment, finance, tech, and crypto institutions including Visa, Mastercard, BlackRock, Google, and Coinbase. The stablecoin features zero-cost minting and redemption, reserve yield sharing with partners, and neutral governance, directly challenging Circle's dominant USDC. Following the news, Circle's stock CRCL fell over 17% in a single day.
Open Standard has officially unveiled its new dollar-pegged stablecoin, Open USD, backed by a coalition of 140 leading payment, financial, technology, and crypto institutions, including Visa, Mastercard, BlackRock, Google, and Coinbase. The stablecoin introduces innovative mechanisms such as zero-cost minting and redemption, reserve yield distribution to partners, and neutral governance, positioning itself as a direct competitor to Circle's dominant USDC. In response to the announcement, Circle's stock CRCL experienced a sharp decline of over 17% in a single trading session.
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