Circle's CRCL Stock Falls 22% Amid Launch of Open USD Stablecoin

On June 30, a consortium of over 140 organizations announced the launch of Open USD, a new stablecoin aimed at competing with established players like USD Coin (USDC). Following the announcement, Circle Internet Group (CRCL) saw its stock decline by 22% over the next 48 hours, although losses have since decreased. The consortium includes major firms such as Visa (V), Mastercard, BlackRock, Alphabet, and Coinbase (COIN). Open USD offers joint governance and profit-sharing, raising concerns among investors about its potential impact on Circle's revenue from reserves, which generated $2.63 billion of its $2.75 billion in revenue for 2025.