Circle drops 15% after launch of Open USD stablecoin hits revenue stream
Circle Internet Group dropped sharply Tuesday after the company launched a new Open USD stablecoin plan that hit the main spot investors watch—how reserve earnings will be split. Open Standard plans to launch Open USD later this year, Reuters said, with backing from more than 140 firms including Visa, Mastercard and Coinbase Global. Open USD will give businesses free minting and redemption with no caps on volume, and the group will share reserve profits with partners after a management fee.