Open USD

MoneyGram has extended MoneyGram Ramps to Solana, giving wallets, exchanges and developers access to its global cash network. The rollout supports cash deposits in more than 25 countries and withdrawals across more than 170 countries and territories.

Coinbase, Visa and Mastercard executives are presenting Open USD as an added stablecoin network rather than a replacement for USDC. The messaging follows a sharp Circle stock selloff after investors initially viewed the more than 140-partner consortium as a direct threat to the $72 billion USDC ecosystem.

Circle shares came under pressure after Morgan Stanley moved the stock to underweight and cut its price target to $38 from $106. The bank cited slower USDC growth, pressure on reserve income, and rising competition from tokenized cash products and new stablecoin models.

Visa has launched an enterprise stablecoin platform designed to help banks, fintechs and crypto firms issue, store, transfer and redeem Open USD through a Visa-managed system. The move adds competitive pressure to Circle, whose shares fell about 5% as investors weighed the impact of new stablecoin distribution models.

Mizuho lowered Circle to underperform from neutral and cut its price target to $50 from $85, citing competition from Open USD. The bank warned that a yield pass through model could pressure Circle margins by shifting more reserve income toward distribution partners.

Mizuho reiterated a neutral view on Circle after the company secured final OCC approval to establish First National Digital Currency Bank. The firm said the milestone is constructive, but it does not resolve concerns around USDC supply trends, competitive pressure and the broader commoditization of stablecoins.

Circle shares bounced after a sharp selloff, but Jefferies warned that fresh competition from bank and fintech-backed stablecoins could weigh on USDC growth. The Open USD consortium, backed by major payments and finance firms, is emerging as a possible challenge to Circle's market share.

Ark Invest added more than $75 million in crypto-linked stocks in June as the sector sold off, reinforcing its buy-the-dip strategy. Coinbase, Circle and Bullish were the main beneficiaries even as Circle suffered a steep monthly decline.

Circle shares dropped after the launch of Open Standard’s Open USD, a consortium stablecoin designed to rival USDC by sharing reserve income with partners. Analysts say the market may be overreacting, but the new token still faces a difficult test around structure, incentives and real-world adoption.

Circle shares tumbled after a consortium of more than 140 companies unveiled Open USD, a rival stablecoin network designed to challenge the economics of USDC. Backers include Stripe, Coinbase, Mastercard, Visa and BlackRock.