Circle shares drop 8% as rivals back new stablecoin network targeting USDC

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Circle's stock fell 8% after a competing stablecoin initiative gained significant industry backing. The new project, called Open USD, is developed by Open Standard and offers a model that allows partner companies to retain reserve income. It also eliminates minting fees, making it a more attractive alternative to Circle's USDC stablecoin. Major financial and crypto players including Stripe, Coinbase, and BlackRock have thrown their support behind the rival network. The move signals growing competitive pressure on Circle in the stablecoin market.

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