Open USD is expected to launch in the second half of 2026, challenging the USDC with its reserve income distribution model

Digital asset management company CoinShares stated that Open USD directly challenges Circle by generating revenue from the distribution of stablecoin reserves to partners, undermining the distribution economic model of USDC.

Open USD consists of over 140 companies, including BlackRock, Coinbase, Mastercard, Stripe, and Visa. The stablecoin is expected to launch in the second half of 2026. CoinShares noted that despite the competitive pressure posed by Open USD, the existing liquidity and integration foundation of USDC may be difficult for new entrants to replicate.