Visa launched the Visa Stablecoin Platform with Open USD support, letting banks issue and settle stablecoins, sending Circle shares down roughly six percent.

Circle's CRCL stock faces pressure as the $310B stablecoin market attracts competitors like Open USD, backed by Coinbase and BlackRock, despite OCC bank

The new platform lets banks and fintechs mint, move, and manage stablecoins directly through its network.