Circle Shares Fall 15-18% Following Open USD Stablecoin Announcement by 140-Institution Alliance

CRCL8.90%
V-0.82%
MA-1.06%
COIN11.97%
BLK0.12%
Circle's shares fell between 15% and 18% following the announcement of Open USD, a stablecoin launched by the Open Standard alliance and backed by more than 140 institutions including Visa, Mastercard, Stripe, Coinbase, and BlackRock. The sharp market reaction reflects investor concerns that Open USD's revenue-sharing model—which distributes reserve income across ecosystem partners rather than concentrating it at the issuer level—poses structural pressure to Circle's net interest margin business model, where USDC reserve income flows primarily to Circle itself.
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