Shares of Circle Internet Group ($CRCL) slid 17.5% in a single session to close at $62.63, their lowest level in roughly four months, as markets digested the launch of a new consortium-backed dollar stablecoin, Open USD (OUSD). The selloff underscored a growing investor concern that Circle’s USDC-driven business model is facing a structural challenge as the stablecoin industry experiments with more ‘open’ and revenue-sharing frameworks.
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