Open Standard announced the launch of a new dollar-pegged stablecoin, Open USD, backed by 140 payment, financial, tech, and crypto institutions including Visa, Mastercard, BlackRock, Google, and Coinbase. The stablecoin features zero-cost minting and redemption, reserve income sharing with partners, and neutral governance, directly challenging Circle's dominant USDC market position. Circle's stock CRCL plunged over 17% on the news.
Open USD Launch Shakes Market
Open Standard has officially announced the launch of Open USD, a new dollar-pegged stablecoin. The project boasts support from 140 leading payment, financial, technology, and crypto institutions, including Visa, Mastercard, BlackRock, Google, and Coinbase. Open USD introduces innovative mechanisms such as zero-cost minting and redemption, sharing of reserve income with partners, and neutral governance, aiming to directly challenge the market dominance of Circle's USDC. Following the announcement, Circle's stock (CRCL) plummeted over 17% in a single day.
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