Circle shares fell about 8% on June 30 after Open Standard unveiled Open USD, a dollar-pegged stablecoin backed by more than 140 companies across payments, banking, financial technology, and crypto.

Stripe said Open Standard is an independently governed entity with no single member in control. Participating companies will share governance instead of serving only as passive backers.

Open Standard said businesses will be able to mint and redeem the stablecoin without fees. Participating partners will also receive reserve income after management fees.

The launch adds pressure on Circle, the US-based stablecoin issuer. Its USDC token is the world’s second-largest stablecoin.

A 2025 filing said USDC circulation was about $60.1 billion, while 95% to 99% of Circle’s revenue from 2022 to 2024 came from interest earned on reserve assets.

🔗 Source: CoinDesk