TechFlow news, July 15. According to CoinDesk reports, CoinShares stated that the stablecoin project Open USD, driven by a bank-backed consortium, may directly impact the distribution economic model and profit margins of Circle's USDC, as it plans to distribute reserve yields to participating partners rather than primarily retaining them by the issuer. The report suggests that this mechanism could raise the costs for USDC to maintain its circulation network and, after launching in the second half of 2026, exert more substantial competitive pressure on Circle.
However, CoinShares also pointed out that Open USD has not yet been officially launched, and key details such as reserve structure and fee models remain undisclosed; in comparison, USDC still retains established advantages such as liquidity, trading platform access, and integration into decentralized finance and payment scenarios. Therefore, Open USD can currently be viewed as a credible challenger to USDC, but its actual impact remains to be verified.
