Coinbase, Visa, and Mastercard Say Open USD Is Not a Replacement for USDC
2026-08-04 17:59
Odaily News: Following the launch of Open USD, concerns arose in the market that it could directly challenge Circle's USDC, leading to a loss of billions of dollars in Circle's market value.
Executives from Coinbase, Visa, and Mastercard stated that the companies are advancing a multi-stablecoin, multi-chain strategy, positioning Open USD as an additional network rather than a replacement for USDC.
Analysts noted that several Open USD partners have so far made only lightweight commitments, and that project execution capabilities, along with the existing liquidity of USDC and USDT, will be more critical than the scale of the Open USD alliance.
Executives from Coinbase, Visa, and Mastercard stated that the companies are advancing a multi-stablecoin, multi-chain strategy, positioning Open USD as an additional network rather than a replacement for USDC.
Analysts noted that several Open USD partners have so far made only lightweight commitments, and that project execution capabilities, along with the existing liquidity of USDC and USDT, will be more critical than the scale of the Open USD alliance.
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