Circle (CRCL) shares tanked on June 30 following a Bloomberg report that a coalition of more than 140 fintech companies, including Visa (V), Mastercard (MA), Stripe, BlackRock (BLK), Coinbase (COIN), Ripple, and Standard Chartered, is launching a rival stablecoin venture.
Dubbed “Open Standard,” this new initiative will issue a dollar-backed token, Open USD (OUSD). The announcement crashed CRCL’s relative strength index (RSI) into the early 30s, indicating the stock is approaching “oversold” territory. However, shares have since bounced back slightly from their low yesterday.
