EL7.AI
CryptoMediumUpdated×3•Originally published 30 June 2026•Updated 5 July 2026•
1 min read

Circle’s USDC drops 8% as Stripe, Coinbase, BlackRock back rival stablecoin Open USD

Digital illustration of a man's portrait surrounded by USDC, Circle, and Coinbase labels on an orange background.

Key Facts

1Circle's stablecoin USDC fell 8% after Stripe, Coinbase, and BlackRock backed Open Standard's Open USD, a rival stablecoin network that allows partners to keep reserve income and eliminates minting fees.

In a move that reshapes the stablecoin landscape, three of the biggest names in the digital economy have backed a rival network to Circle’s USDC. According to CoinDesk reports, Circle’s stablecoin USDC fell 8% after Stripe, Coinbase, and BlackRock supported Open Standard’s Open USD network. The new network allows partners to retain reserve income and eliminates minting fees, posing a direct competitive threat to USDC.

The backing by such major players marks a shift in the stablecoin market, giving Open Standard leverage to attract partners away from Circle’s network. Although USDC remains the second-largest stablecoin by market cap, this development could alter the balance of power in the multi-billion-dollar market.

USDC’s price remains under pressure following the sharp decline, with expectations that Open Standard may announce further partnerships soon. Investors are also watching for potential regulatory developments that could impact the entire stablecoin sector amid intensifying competition between networks.

Latest Updates · 2

  1. Notable·

    Update: Visa and Mastercard, in partnership with Coinbase, announced their backing of the Open USD network competing against USDC, expanding institutional support for the new network. This follows the earlier announcement of support from Stripe and BlackRock, further strengthening the competitive threat to USDC. Meanwhile, Bitcoin fell below $59,000, adding further pressure on the cryptocurrency market.

  2. Major·

    Update: New reports reveal that over 140 companies, including Visa, Mastercard, and Ripple, have joined the launch of the Open USD stablecoin, massively expanding the rival coalition to USDC. Businesses will be able to mint and redeem the coin without fees or volume limits, with reserve revenue shared among partners, according to the updates expected to launch later this year.