Open USD rattled Circle's stock, but its key backers still support USDC
Circle's stock price dropped significantly following the announcement of Open USD, raising concerns about competition in the stablecoin market. However, major backers like Coinbase, Visa, and Mastercard have reaffirmed their commitment to a multi-stablecoin strategy, viewing Open USD as a complementary network rather than a replacement.
The announcement erased billions of dollars from Circle's market value. Shares fell as much as 20% — and have yet to recover — as the consortium unveiled more than 140 launch partners, fueling concerns that some of USDC's largest commercial partners were lining up behind a rival digital dollar.
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