US Edition

A 140-company consortium including Visa, Mastercard, Stripe, BlackRock, and Coinbase launched Open USD on June 30, a stablecoin that returns reserve yield to partner businesses rather than keeping it, directly threatening Circle's core revenue model. Circle stock fell on the news as Coinbase, its own distribution partner, signed on as an OUSD backer. With every major payments rail unified behind a single dollar token outside the Tether-Circle duopoly, the $321 billion stablecoin market faces its