Circle vs Open USD: Its partners just built a replacement

On June 30, more than 140 companies, including Visa, Mastercard, Stripe, BlackRock, Google, and Circle’s most important ally, Coinbase, unveiled a stablecoin designed to give away the exact revenue stream Circle lives on. CRCL cratered 17% in a day and is down nearly 40% on the month. This is the story of how a moat made of partnerships gets drained by the partners.