Markets

CRCL Sell-Off 'Looks Overdone' Say Analysts as Circle CEO Addresses Open USD Threat

Shares in USDC stablecoin issuer Circle (CRCL) fell 18% on Tuesday amid news of a competing stablecoin launch, Open USD, from global partners like Coinbase, Visa, and Mastercard—but analysts at Clear Street think the market move was an overreaction from investors. “While OUSD has strong partners similar to other leading stablecoins, without any solid evidence that OUSD can get real traction, the selloff looks overdone,” analysts wrote in a Wednesday note.  Ahead of OUSD’s launch later this year...