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Circle Stock Drops 17.5%, Down 40% in 30 Days Amid Russell Index Removal and Open USD Launch

GateNews
Price VolatilityStocksCapital Flow
Circle Internet Group's stock (CRCL) dropped 17.5% in a single session, declining to an intraday low of $62.00, compounding a roughly 40% decline over the prior 30 days. The selloff followed two concurrent pressures: FTSE Russell's June 2026 reconstitution removed Circle from multiple growth benchmarks — the Russell 1000 Growth, Russell 3000 Growth, and Russell Midcap Growth indexes — triggering mechanical selling from index-tracking funds. Simultaneously, Open Standard unveiled Open USD, a new U.S. dollar-pegged stablecoin backed by more than 140 companies including Visa, Mastercard, Coinbase, Stripe, and BlackRock. Unlike USDC, which retains reserve income as its primary revenue source, Open USD offers free minting and redemption while distributing reserve earnings to ecosystem participants, directly challenging Circle's core business model. Circle CEO Jeremy Allaire responded on X, calling USDC "the most trusted, widely adopted, institutional-ready stablecoin in the world."
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