Open USD poses biggest threat yet to Circle’s USDC, CoinShares says
The consortium-backed stablecoin would share reserve income with partners instead of the issuer, pressuring Circle’s margins if it debuts in 2026.
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Summary
- CoinShares said Open USD directly challenges Circle by giving partners income generated by reserves backing the stablecoin, undermining USDC’s distribution economics.
- Open USD comprises more than 140 companies, including BlackRock, Coinbase, Mastercard, Stripe and Visa. The stablecoin is expected to debut in the second half of 2026.
- Despite the threat, CoinShares said USDC’s established liquidity and integrations could prove difficult for any newcomer to replicate.
