๐ณ Circle drops as payment giants launch a rival stablecoin
Circle ($CRCL) fell 16.3% after Mastercard, Stripe, BNY, and other financial firms unveiled Open USD, a new stablecoin built as shared infrastructure.
Unlike USDC, Open USD distributes reserve yield across its partners instead of a single issuer. The project directly targets a market currently dominated by USDC and USDT.
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The pressure is building from multiple directions. Insiders have sold about $225 million more stock than they've bought over the past year, while the Fed is proposing stricter rules for stablecoin issuers.
โ๏ธ @venture
๐ณ Circle drops as payment giants launch a rival stablecoin Circle ($CRCL) fell 16.
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