Circle slides 8% as Stripe, Coinbase and BlackRock back rival stablecoin network
A new stablecoin network called Open USD has been launched by a consortium including Stripe, Coinbase, and BlackRock, causing Circle's market share to face pressure. The platform aims to provide a fee-free, decentralized infrastructure for businesses, challenging the traditional revenue model of stablecoin issuers.
Why it matters
The shift toward institutional-backed, open-standard stablecoins could fundamentally change the economics of digital dollar payments and corporate treasury operations.
The new digital dollar is launched by Open Standard, an independent company whose founding partners include Stripe, Coinbase, Mastercard, Visa and BlackRock alongside more than 140 businesses spanning payments, banking, fintech and crypto.
The article objectively reports on a market development and explains the competitive dynamics between existing issuers and the new consortium.
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