Circle shares closed down 17.55% on Tuesday due to Open USD competition, analysts say concerns are 'overblown'

CoinFeed July 1 news, according to The Block report, Circle shares closed at $62.63 on June 30, with a single-day drop of 17.55%. Previously, Open Standard announced the launch of the stablecoin Open USD, supported by over 140 companies including Visa, Stripe, Mastercard, BlackRock, and Coinbase, sparking investor concerns about competitive pressure on USDC.