CoinShares said Open USD is shaping up as a direct competitive threat to Circle by adopting a model that shares income generated from stablecoin reserves with partners, a structure that could weaken the distribution economics behind USDC. The planned stablecoin is backed by more than 140 companies, according to CoinShares, with participants including BlackRock, Coinbase, Mastercard, Stripe and Visa. Open USD is expected to launch in the second half of 2026. Even so, CoinShares said USDC still has meaningful advantages that may be difficult for a new entrant to match. In particular, the firm pointed to USDC’s existing liquidity and its current integration footprint, suggesting those strengths may not be easily replicated despite the new competitive pressure from Open USD.
Digital asset manager CoinShares said Open USD is taking direct aim at Circle by distributing income generated from stablecoin reserves to partners, a model it said could weaken the distribution economics of USDC.
According to CoinShares, Open USD brings together more than 140 companies, including BlackRock, Coinbase, Mastercard, Stripe and Visa. The stablecoin is expected to launch in the second half of 2026.
CoinShares also said that while Open USD creates competitive pressure, USDC’s existing liquidity and integration base may be hard for a new entrant to replicate.
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