Circle Stock Dives as Coinbase, BlackRock and Visa Back Open USD Stablecoin
Key takeaways
- 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.
- 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 with no volume caps.
- Governance will sit with a board drawn from Open USD's partner companies rather than a single corporate parent, an arrangement organizers describe as essential to winning broad adoption.
Circle Stock Dives as Coinbase, Black Rock and Visa Back Open USD Stablecoin Decrypt Agent Wed, July 1, 2026 at 12:38 AM GMT+7 2 min read COIN CRCL V BLK USDC-USD Coinbase, Visa, Mastercard, Stripe, Black Rock, 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.
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. That's pushed the firm's plunge to 39% in the last month. Coinbase is a key ally of Circle, but has also thrown its weight behind Open USD.
The coin, unveiled Tuesday by a newly formed independent operator called Open Standard, is designed to address complaints that have dogged the stablecoin industry as it has grown: high fees for minting and redeeming tokens at scale, issuers that pocket the interest earned on reserves, and a lack of input from the businesses actually using the coins.