Standard Chartered and Circle launched bank-led USDC minting and redemption for institutions, starting in Dubai’s DIFC with global expansion plans.
Investment bank Jefferies has advised against buying shares in Circle, the issuer of the USDC stablecoin, citing new competition from the Stripe and Coinbase-backed Open USD.
Bernstein analysts suggest OUSD could become a strong new challenger to the dominant Circle-Tether stablecoin duopoly.
The Stripe- and Coinbase-backed OpenUSD stablecoin consortium is challenging Circle's business model, reportedly causing a drop in Circle's stock.
Shares of Circle, the issuer of the USDC stablecoin, plummeted 13% after Stripe, Coinbase, and BlackRock announced support for a new rival stablecoin network, Open Standard's Open USD.
Cathie Wood's ARK Invest bought $43.5 million in Coinbase and Circle shares over three trading days as their values dropped 17% and 27.6%.
BNY Mellon has integrated USDC minting and redemption services into its institutional custody platform, deepening its partnership with Circle.
BNY Mellon, the world's largest custody bank, is expanding its stablecoin services to institutional clients, starting with Circle's USDC custody and minting.
Crypto firms Coinbase and Circle have posted steeper losses than Oracle, Netflix, and Salesforce, highlighting a widening gap between crypto equities and the broader market.
Stablecoin issuer Circle and Nomura are collaborating to integrate cross-border foreign exchange settlements into Japan's $440 billion daily forex market by next year.
Circle and Nomura are reportedly collaborating to introduce stablecoin-based foreign exchange (FX) settlement for Japanese companies.
Circle has launched cirBTC, a new 1:1 Bitcoin-backed token on Ethereum, aiming to unlock Bitcoin's value in DeFi and challenge existing wrapped BTC solutions.