Open USD Stablecoin Launches to Challenge Circle and Tether
Visa, Mastercard, Coinbase and BlackRock joined more than 140 companies backing the launch of Open USD, a new USD-pegged stablecoin developed by the Open Standard initiative. The digital asset, also known as OUSD, directly targets the dominance of Tether and Circle in the cryptocurrency payments market. According to the consortium, the project aims to standardize USD-backed digital assets and overhaul the economics of the stablecoin sector rather than relying on traditional marketing strategies to capture merchant adoption.
The announcement immediately pressured Circle, whose stock fell more than 15% to trade around $62 on Tuesday. The selloff compounded recent headwinds, bringing Circle's shares down nearly 40% from their year-to-date high and following its removal from several major Russell Growth indexes. During the same trading session, Cathie Wood's Ark Invest purchased approximately $3.3 million in Circle shares alongside additional stakes in Coinbase and Robinhood.
From the sources (8 posts)
@theblockcoTHE BLOCK: Cathie Wood's Ark Invest bought $3.3 million worth of Circle shares on Tuesday as the stock plunged 17.6%. The firm also purchased more shares in Coinbase, Bullish, and Robinhood.
@bitfoliobiz3 takeaways from today’s Open USD launch: 1️⃣ Circle shares down 16% to $63.99, 39% month‑to‑date. 2️⃣ Over 140 firms—including Coinbase, Visa, BlackRock—back OUSD. 3️⃣ Expect liquidity churn as merchants test the neutral stablecoin. #Crypt
@coinmarketcapLATEST: 📊 Circle's stock fell more than 15% after more than 140 companies, including Coinbase and Visa, announced a rival stablecoin called Open USD.
@wublockchainCircle (CRCL) Removed from Multiple Russell Growth Indexes According to Simply Wall St, Circle (NYSE: CRCL) was removed from several major Russell Growth Indexes during the Russell annual reconstitution on June 26, including the Russell 10
@hosseebRT @hosseeb: 140 companies just launched Open USD to take on Circle and Tether. But can a consortium of that size actually work? Plus Sayl…
@hosseebRT @_choppingblock: Visa, Mastercard, BlackRock and 140 other firms just launched OUSD to take on Circle and Tether. Haseeb says it’s a si…
@theunhashedOpen USD isn't trying to beat $USDT or $USDC with marketing. It's changing the economics of stablecoins. Here's why everyone is paying attention. #OpenUSD #Tether #Circle #Stablecoins $OUSD
@cryptonewsweb🚀 Visa, Mastercard, Coinbase and 140+ firms back Open Standard to launch Open USD, a USD-pegged stablecoin due later this year. The initiative aims to standardize USD-backed digital assets and payments. #crypto #cryptonews #stablecoin #bloc