Circle CEO Jeremy Allaire defends USDC after 140-company consortium announces Open USD stablecoin, as CRCL stock drops 16-18% on the news.

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

The forthcoming Open USD has more than 100 major supporters onboard, including Coinbase—a key backer of Circle’s USDC.