Open USD, the new stablecoin backed by Visa, Stripe, and BlackRock, shakes Circle's stock

Much water has passed under the bridge of stablecoins since the beginnings of USDT and USDC. Giants of finance, technology companies, and crypto players now compete for this strategic ground. And now Open USD arrives 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 global financial markets.

Open USD, the new stablecoin that rattles 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. Circle’s stock plummeted more than 16% in a single trading session. Investors saw OUSD as a very direct threat to USDC, Circle’s flagship stablecoin. Yet, William Blair analysts consider this reaction excessive and irrational.

“We consider concerns about competition to be overblown“, wrote Andrew Jeffrey and Adib Choudhury in their research note. They compare OUSD to past consortia like MCX and Paze. These latter failed to establish themselves against established networks. 

Circle retains 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 stablecoin model that shares its revenue

What sets Open USD apart from other stablecoins lies in its innovative and unprecedented business model. The majority of the revenues generated by OUSD reserves will be redistributed to participating companies. Consortium members can issue and redeem OUSD without fees or volume limits. 

Governance will be shared among partners, with no single issuer. This collaborative model attracted giants like Visa, BlackRock, and Google. But William Blair analysts remain skeptical about its real long-term viability. They believe Circle already offers similar incentives to its strategic partners. 

According to them, OUSD would be a “solution searching for a well-identified problem.” The antithesis is puzzling: on one side, a powerful consortium with an innovative model; on the other, an established leader with years of head start and strong institutional trust. The market dialectic is in full effervescence today.

The stablecoin war heats up with new players entering the arena

Jeremy Allaire, CEO of Circle, reacted calmly on professional social networks. “USDC remains the world’s most trusted, widely adopted and institution-ready stablecoin“, 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 ease. 

This stablecoin war is just beginning and promises spectacular twists. Competition is inevitable and validates the sector’s potential. Investors must look beyond passing panic moves and emotional reactions.

Key figures of Open USD’s arrival

• 140 partner companies in the consortium;
• 16% drop for Circle’s stock;
• 74 billion dollars capitalization for USDC;
• Launch planned later in 2026;
• Minimal management fees for participants.

Any innovation triggers fierce rivalries among competing actors. The stablecoin battle recalls that which opposes OpenAI and Anthropic on scientific research. In both cases, powerful consortia compete to impose their vision of the future.