Coinbase, Visa, Mastercard back USDC despite Open USD launch concerns

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Circle's stock was rattled following the announcement of Open USD, a new stablecoin initiative. However, key backers including Coinbase, Visa, and Mastercard have reaffirmed their support for USDC. Executives from these companies indicated they intend to support multiple stablecoins simultaneously rather than choosing one over another. They described Open USD as an additional payments rail rather than a direct competitor or replacement for USDC.

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