The Stripe- and Coinbase-backed stablecoin consortium can challenge Circle's business model, but analysts say building a network is harder than assembling big-name partners. Circle shares slumped after the launch of the Open Standard consortium and its Open USD stablecoin, which aims to challenge Circle’s USDC by sharing reserve income with partners. Analysts say the selloff may be an overreaction, noting that earlier consortium-backed stablecoins like Paxos’ USDG have struggled to gain ma…
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