Circle Stock Drops 16% on June 30 as 140 Firms Launch Open USD Stablecoin

According to TheStreet, Circle's stock (NYSE: CRCL) dropped over 16% intraday on June 30 after more than 140 companies including Visa, Mastercard, BlackRock, and Coinbase announced the launch of Open USD, a new stablecoin designed to lower costs and barriers in global payments. Circle's USDC is the second-largest stablecoin by market cap at $73.45 billion, behind Tether's USDT at $184.7 billion. The stock was trading near $63.52 at press time, down 43% over the past month.
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