Circle shares drop 8% as Stripe, Coinbase and BlackRock back rival stablecoin network Open USD

Shares in Circle fell 8% after Stripe, Coinbase and BlackRock announced their backing for Open Standard, a rival stablecoin network whose token is Open USD (OUSD). The new protocol lets partners retain reserve income and eliminates minting fees, directly threatening Circle's USDC business model. Circle, the issuer of USDC, now faces a well-funded challenge from some of the biggest names in finance and crypto.