Open Standard announces the launch of a new dollar stablecoin, Open USD, backed by 140 payment, finance, tech, and crypto giants including Visa, Mastercard, BlackRock, Google, and Coinbase. With innovative mechanisms such as zero-cost minting/redemption, reserve yield sharing with partners, and neutral governance, Open USD directly challenges Circle's dominant USDC market. As a result, Circle's stock CRCL plummeted over 17% in a single day.
Open USD Launch Triggers Market Turmoil
Open Standard has officially announced the launch of its new dollar-backed stablecoin, Open USD, which quickly garnered support from 140 major payment, financial, technology, and crypto institutions, including Visa, Mastercard, BlackRock, Google, and Coinbase. The stablecoin introduces innovative features such as zero-cost minting and redemption, distribution of reserve yield to partners, and neutral governance, directly challenging Circle's market dominance with USDC. Following the announcement, Circle's stock ticker CRCL experienced a single-day drop of over 17%, signaling strong market impact.
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