Open USD is coming on strong! Circle (CRCL.US) received strong support from William Blair after a sharp drop: the market overreacted to competitive risks.

Zhitong Finance APP learned that after Open Standard announced the launch of a competitive stablecoin called Open USD, the stock price of stablecoin issuer Circle (CRCL.US) plummeted over 17% on Tuesday. In response to this, William Blair analyst Andrew W. Jeffrey believes that the market's concerns about competitive risks are exaggerated. In a report to clients, he wrote, "We believe that competition is inevitable in the stablecoin market, which exceeds $20 trillion, and this actually proves the feasibility of the commercialization model of stablecoins and will benefit Circle and its USDC."