Circle stock fell more than 12% on Tuesday, its worst day in four months, and I think most of the coverage is about to miss why. The trigger was Open USD, a new stablecoin from a group of 140 companies that includes Stripe, Coinbase, Visa, Mastercard, BlackRock, BNY and Google.
It’s built to do the one thing Circle does for a living: collect the interest on the reserves. Unlike USDC, it hands reserve income back to the businesses that distribute it and keeps only a management fee. The token is not live yet. The threat already is.
