Circle steadies after stablecoin rival launch triggers 17% plunge

MasterCard

Today 09:50

** Stablecoin major Circle Internet Group CRCL.N shares rise 2.1% to $63.9 premarket after last plunging over 17%
** Consortium, including Visa V.N, Mastercard MA.N and Coinbase COIN.O, on Tuesday launched joint stablecoin venture Open Standard
** Will issue U.S.-dollar pegged stablecoin called Open USD, which is expected to go live later this year
** Circle runs USDC, the world's second-largest stablecoin by market value after Tether 
** "Depressed trading volumes have pressured USDC supply growth YTD, but rising competition may increasingly challenge supply growth and market share going forward," Jefferies analysts said in a note 
** CRCL's Tuesday drop was stock's second-biggest one-day percentage drop 
** As of last close, CRCL down over 21% YTD 

(Reporting by Shashwat Chauhan in Bengaluru)
((Shashwat.Chauhan@thomsonreuters.com))