Stripe · Circle · Coinbase · Decrypt
Circle Stock Dives as Coinbase, BlackRock and Visa Back Open USD Stablecoin
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Coinbase, Visa, Mastercard, Stripe, BlackRock, and more than 140 other companies have banded together to launch a new stablecoin called Open USD (OUSD), in a bid to create shared digital payments infrastructure that no single firm controls.
Key facts
- The news appears to have rocked the stock price of USDC stablecoin issuer Circle (CRCL), with shares falling nearly 16% on the day to a recent price of $63.99, per Yahoo Finance
- Coinbase, Visa, Mastercard, Stripe, BlackRock, and more than 140 other companies have banded together to launch a new stablecoin called Open USD (OUSD), in a bid to create shared digital payments
- Open Standard—which is led by founding CEO Zach Abrams, who previously founded Stripe-acquired stablecoin company, Bridge—said that businesses will be able to mint and redeem Open USD for free
- The backer list spans payments giants such as Visa, Mastercard, and American Express, banks including BlackRock, BNY, and Standard Chartered, tech firms such as Google and Shopify, and crypto players
Summary
More than 140 companies have teamed up and revealed Open USD, a new stablecoin run by an independent operator called Open Standard. It promises free, uncapped minting/redemption, reserve earnings shared with partner businesses (minus a small fee), and governance by a board of partner companies. Circle's stock price has plunged nearly 16% on the day following the announcement. The news appears to have rocked the stock price of USDC stablecoin issuer Circle (CRCL), with shares falling nearly 16% on the day to a recent price of $63.99, per Yahoo Finance.