Circle shares dropped 16% after Open Standard unveiled Open USD, a rival stablecoin backed by Visa, Stripe, Coinbase, and BlackRock with zero minting fees.

Plasma announces Open USD stablecoin with Visa and Mastercard partnerships, expanding its stablecoin-focused layer-1 blockchain into traditional payments.

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