NYSE:MKL 30 April 2026

June 30, 2026, 1:44 PM EDT. Circle Internet Group (NYSE:CRCL) dropped 15% to $64.55 after news hit about Open USD, a stablecoin from a group including Visa, Mastercard and Coinbase. Open USD brings free minting and redemption, no caps on volume, and a plan to split reserve earnings with partners-unlike Circle's USDC. The change put pressure on Circle's valuation, at about 23 cents for every USDC issued, with investors eyeing how reserve income gets distributed. BNY Mellon (NYSE:BNY) added more USDC custody, showing steady institutional demand but also more rivals in the space. Stablecoin issuers slid while payment networks and ETFs traded up. Circle logged $694 million in revenue and reserve income for Q1, with high costs keeping investors alert to shifts in stablecoin economics.