CoinShares: OpenUSD Stablecoin Could Seriously Undercut Circle's USDC Revenue

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A new stablecoin called OpenUSD, backed by a consortium of partners, poses a significant competitive threat to Circle's USDC, according to research firm CoinShares. Unlike USDC, OpenUSD is designed to distribute reserve income among its consortium partners rather than keeping it with the issuer. This revenue-sharing model could squeeze Circle's profit margins considerably if OpenUSD launches as anticipated in 2026. The development highlights growing competition in the stablecoin market, where reserve income has been a key source of revenue for issuers like Circle.

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