Circle defends USDC economics as rival stablecoins offer partners bigger revenue share

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Circle is defending the economic model behind its USDC stablecoin as competing stablecoin projects try to win over its distribution partners by offering them a larger share of earnings. The pressure centers on how reserve income is split between issuers and the platforms that distribute the coins. Coinbase, Circle's largest USDC partner, is also backing Open USD, a rival network that passes reserve income on to its partners after deducting a management fee. The competition highlights how stablecoin issuers are increasingly fighting over distribution relationships as well as the underlying technology.

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