{"id":48830,"date":"2026-07-02T13:48:42","date_gmt":"2026-07-02T13:48:42","guid":{"rendered":"https:\/\/cryptd.in\/can-circle-defend-its-stablecoin-lead-against-openusd-experts-weigh-in\/"},"modified":"2026-07-02T13:48:42","modified_gmt":"2026-07-02T13:48:42","slug":"can-circle-defend-its-stablecoin-lead-against-openusd-experts-weigh-in","status":"publish","type":"post","link":"https:\/\/cryptd.in\/de\/can-circle-defend-its-stablecoin-lead-against-openusd-experts-weigh-in\/","title":{"rendered":"Can Circle Defend Its Stablecoin Lead Against OpenUSD? Experts Weigh In"},"content":{"rendered":"<p>Circle is facing one of its biggest challenges following the announcement of Open USD (OUSD), a new stablecoin backed by major financial and payments companies, including Visa, Mastercard, American Express, BlackRock, and Coinbase.<\/p>\n<p>As speculation grew over what the new initiative could mean for USDC, Circle\u2019s stock came under pressure. It has fallen about 12.7% over the past five trading days.<\/p>\n<p>While incumbents still control the vast majority of the market, industry experts believe OUSD could significantly reshape the competitive landscape.<\/p>\n<h2>OUSD vs. USDC<\/h2>\n<p>In a conversation with <em>KryptoKartoffel<\/em>, Alex Witt, General Partner at Verda Ventures, said that \u201cdistribution is king\u201d and value will accrue to built-in distribution networks. He explained,<\/p>\n<blockquote>\n<p>\u201cCircle, unlike Tether, does not own its primary distribution channels, as evidenced by Circle sharing 90% of USDC reserve yield with Hyperliquid, demonstrating its weak competitive position.\u201d<\/p>\n<\/blockquote>\n<p>As a result, Witt believes OUSD could \u201cdramatically erode\u201d the company\u2019s first-mover advantage.<\/p>\n<p>Meanwhile, Trace Finance co-founder and CEO Bernardo Brites described Open USD as \u201ca real structural break\u201d in the stablecoin market.<\/p>\n<p>He said markets <a href=\"https:\/\/cryptopotato.com\/what-is-openusd-ousd-visa-blackrock-coinbase-and-140-firms-fuel-buzz-around-new-stablecoin\/\">read<\/a> the announcement as a direct threat to Circle, but also noted that skeptics have flagged real execution risks, including bootstrapping liquidity from zero, the lack of trading pairs against major crypto assets, governance friction from coordinating many stakeholders, and a thin fee model that could leave OUSD under-resourced.<\/p>\n<p>Even so, Brites argued that Open USD\u2019s consortium is \u201cbigger than anything the USDG consortium assembled,\u201d referring to the consortium behind Paxos-issued USDG.<\/p>\n<blockquote>\n<p>\u201cGetting the major card networks, processors like Adyen, and banks like BNY and Cross River behind a single stablecoin is unprecedented. Distribution has always been the hardest problem in stablecoins, and OUSD is launching with more of it than any issuer before.\u201d<\/p>\n<\/blockquote>\n<h2>Allaire: OUSD\u2019s Model Could \u2018Starve an Infrastructure\u2019<\/h2>\n<p>Circle CEO Jeremy Allaire, however, pushed back against many of the arguments made in favor of the new stablecoin. In a tweet, Allaire said that stablecoin networks are platform and network effect businesses that tend towards \u201cwinner-take-most market structures,\u201d while suggesting that years of network building matter more than newly announced consortia.<\/p>\n<p>Responding to OUSD\u2019s revenue-sharing model, the exec <a href=\"https:\/\/x.com\/jerallaire\/status\/2072252803163255179\">sagte<\/a> Circle already shares the majority of its income with distribution partners, and added that \u201cgiving away all the income is a recipe for starving an infrastructure.\u201d He also remains skeptical of OUSD\u2019s governance model and argued that the track record of consortium products achieving scale, product-market fit, or even basic product agility is \u201cabsolutely dismal.\u201d<\/p>\n<blockquote>\n<p>\u201cWe actually tried this in the early days of USDC, and even with a very small group, ran into endless challenges and complexity.\u201d<\/p>\n<\/blockquote>\n<p>While acknowledging the new entrant, Allaire said Circle\u2019s partnership with Coinbase \u201cremains as strong as ever\u201d and went on to say that he expects many of OUSD\u2019s founding members to remain USDC partners and customers.<\/p>\n<p>Der Posten <a href=\"https:\/\/cryptopotato.com\/can-circle-defend-its-stablecoin-lead-against-openusd-experts-weigh-in\/\">Can Circle Defend Its Stablecoin Lead Against OpenUSD? Experts Weigh In<\/a> erschien zuerst auf <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">KryptoKartoffel<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Circle is facing one of its biggest challenges following the announcement of Open USD (OUSD), a new stablecoin backed by major financial and payments companies, including Visa, Mastercard, American Express, BlackRock, and Coinbase. As speculation grew over what the new initiative could mean for USDC, Circle\u2019s stock came under pressure. It has fallen about 12.7% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-48830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can Circle Defend Its Stablecoin Lead Against OpenUSD? 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