Circle Internet Group Has a Brand-New Stablecoin Rival. What Does That Mean For Circle Stock?
OUSD could represent an existential threat to USDC.
Overview
On June 30, a coalition of more than 140 financial, tech, and retail giants -- including Visa, Mastercard, Stripe, BlackRock, Coinbase (NASDAQ: COIN), Alphabet's Google, and Shopify -- backed a new stablecoin called Open USD (OUSD).
Shares of Circle (NYSE: CRCL), the fintech company that mints the USD Coin (CRYPTO: USDC) stablecoin, immediately plummeted after the announcement. Let's see why Circle's stock dropped, and whether that pullback is a buying opportunity for patient investors.
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Originally published at www.fool.com.
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