Circle Stock Falls 16% After Open Standard Unveils Open USD Stablecoin on July 1

USDC0.01%
According to BlockBeats, Circle's stock fell more than 16% on July 1 after Open Standard announced the launch of Open USD, a stablecoin backed by 140+ companies including Visa, Stripe, Mastercard, BlackRock, and Coinbase. Investors are evaluating the competitive threat to USDC. William Blair analysts said the selloff was overblown, reiterating an outperform rating. They noted that USDC holds approximately $74 billion in market value with deep liquidity, and Circle's payment infrastructure keeps the company well-positioned despite inevitable stablecoin market competition.
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