Circle @circle might be losing sleep over this one. Over 140 giants—Visa, Stripe, BlackRock, Google, Coinbase—teamed up to launch the stablecoin Open USD. Three killer moves: zero fees for minting and redemption, sharing all reserve interest with partners, and governance rights not belonging to any single company. Every move strikes right at Circle's core. USDC's biggest moneymaker has been hoarding reserve interest for itself, but now they're saying, 'Interest for everyone.' As soon as the news dropped, CRCL tanked over 17%. Last time I checked, it was still over $120, and now it's been cut in half. The most brutal part? Several names on that list used to be USDC's close partners.