TechFlow News, July 16: According to CoinDesk, crypto asset management firm CoinShares released a report on Monday stating that the Open USD stablecoin, backed by more than 140 enterprises including BlackRock, Coinbase, Mastercard, Stripe, and Visa, is the most credible competitive threat to Circle's USDC to date, with the project expected to launch in the second half of 2026.
The report noted that Open USD plans to distribute yields generated from reserve assets to participating enterprises rather than the issuer, retaining only management fees, a model that could squeeze Circle's profit margins and increase USDC distribution costs. USDC circulating supply has declined from nearly $80 billion in March to about $73 billion, facing pressure on its market share in the approximately $312 billion stablecoin market, but CoinShares believes its existing liquidity and ecosystem integration advantages remain difficult for new entrants to replicate.
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