Circle slides 8% as Stripe, Coinbase and BlackRock back rival stablecoin network

Circle shares fell as much as 8% after Open Standard unveiled Open USD, a new stablecoin network backed by more than 140 companies including Stripe, Coinbase, Mastercard, Visa and BlackRock. The project aims to challenge Circle’s USDC by letting partners mint/redeem without fees and share reserve income earned on backing assets, rather than leaving that interest with a single issuer. The announcement underscores intensifying competition in stablecoins as banks, payment firms and fintechs push for shared digital dollar infrastructure. While the article frames the move as a direct threat to Circle’s economics, it also highlights the broader institutionalization of stablecoins, with the market now above $300 billion and projected to keep expanding.