A lot of water has flowed under the stablecoin bridge since the debut of USDT and USDC. Financial giants, technology companies and crypto players are now competing for this strategic terrain. And now Open USD has arrived on the market. This new stablecoin is backed by an impressive consortium of 140 partner companies. This announcement has already caused a real stock market earthquake on the global financial markets.
In brief
- Open USD is a new stablecoin backed by over 140 major global companies.
- The announcement caused a 16% fall in Circle shares on the stock market.
- Open USD's model redistributes revenue from reserves to participating companies.
- Analysts believe that Circle remains well positioned despite the arrival of Open USD.
Open USD, the new stablecoin that shakes Circle
On June 30, 2026, Open Standard unveiled Open USD, a stablecoin supported by Visa, Stripe, Mastercard, BlackRock and Coinbase. The effect was immediate and brutal on international financial markets. The Circle action plunged more than 16% in a single trading session. Investors perceived OUSD as a very direct threat to USDC, Circle's flagship stablecoin. However, William Blair's analysts consider this reaction excessive and irrational.
“ We consider concerns about competition to be exaggerated “, wrote Andrew Jeffrey and Adib Choudhury in their research note. They compare OUSD to past consortia like MCX and Paze. The latter have failed to establish themselves against established networks.
Circle maintains a clear advantage thanks to its very good liquidity and payment infrastructure. The paradox is striking: the market panics, but Circle's fundamentals remain solid.
A disruptive crypto model that shares its revenues
What sets Open USD apart from other stablecoins lies in its innovative and unique economic model. Most of the revenue generated from OUSD reserves will be redistributed to participating companies. Consortium members will be able to issue and redeem OUSD without fees or volume limits.
Governance will be shared between the partners, without a single issuer. This collaborative model has attracted giants like Visa, BlackRock and Google. But William Blair's analysts remain skeptical about its real long-term viability. They believe that Circle already offers similar incentives to its strategic partners.
According to them, OUSD would be a “solution in search of a well-identified problem”. The antithesis is troubling: on the one hand, a powerful consortium with an innovative model. On the other, an established leader with years of head start and solid institutional trust. The market dialectic is in full swing today.
The war intensifies with the arrival of new actors
Jeremy Allaire, CEO of Circle, reacted with composure on professional social networks. “ USDC remains the most trusted, widely adopted, and institution-ready stablecoin in the world “, he said on X. He welcomed innovation and healthy competition in the stablecoin sector.
Paolo Ardoino, CEO of Tether, also commented on the event with humor and relaxation.
This stablecoin war has only just begun and promises spectacular twists and turns. Competition is inevitable and validates the potential of the sector. Investors need to look beyond temporary panic and emotional reactions.
The key figures for the arrival of Open USD
- 140 partner companies in the consortium;
- 16% drop for Circle stock;
- $74 billion in capitalization for USDC;
- Launch planned for later in 2026;
- Minimal management fees for participants.
Any innovation gives rise to fierce rivalries between competing players. The stablecoin battle is reminiscent of that between OpenAI and Anthropic on scientific research. In both cases, powerful consortia compete to impose their vision of the future.
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