Circle's stock CRCL dropped more than 16% after Visa, Mastercard, Coinbase, and Blackrock backed a new stablecoin, Open USD.

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.