Circle falls 20% as USDC rivals grow

• Circle Internet Group shares fell as much as 20% after Open USD announced more than 140 partners.
• Coinbase, Visa and Mastercard said they still support USD Coin (CRYPTO:USDC).
• Executives said they favour supporting multiple stablecoins rather than choosing one digital dollar network.

Circle Internet Group shares fell as much as 20% after Open USD announced more than 140 launch partners.

Investors initially viewed backing from Coinbase, Visa and Mastercard as a direct USDC threat.

“Our role is not to pick winners,” said Visa CEO Ryan McInerney.

Coinbase said it remains committed to USD Coin (CRYPTO:USDC), while supporting other stablecoins customers choose.

Open USD’s launch erased billions from Circle’s market value, while its shares have yet to recover fully.

Visa launched a stablecoin platform last month with Open USD as its first supported token.

Analysts said USDC and Tether (CRYPTO:USDT) retain deep liquidity, making Open USD adoption more challenging despite its partners.