On June 30, Circle Internet Group (CRCL +4.31%) got some news that hammered its stock, which fell 17% in just 24 hours. A coalition of more than 140 companies, banks, and financial institutions, including Circle’s biggest stablecoin distributor, will launch a new dollar stablecoin token called Open USD (OUSD), with Solana (SOL +0.73%) being the first chain where it trades. The stablecoin will directly rival Circle’s USDC, which has a market cap of $73.4 billion, making it the second-largest in the crypto stablecoin sector behind Tether USD.

By design, Open USD will hand nearly all of the interest paid to the owners of the underlying cash and cash equivalent assets back to the businesses that mint, hold, and route the token, instead of…