Circle stock dropped 13-15% after Coinbase, BlackRock, and Visa unveiled Open USD (OUSD), a consortium-governed stablecoin challenging USDC's dominance.

Open Standard's Open USD aims to let partners keep reserve income and eliminate minting fees, challenging Circle's USDC.

Visa, Coinbase, Stripe and 140 firms launch Open USD, a stablecoin with no mint fees and shared governance.