CoinShares states that the Bank Background Coalition-driven stabilization currency project Open USD is probably the most credible competitor that Circle has faced to date. The reason for this is not just the size of the participants, but the direct targeting of the USDC's source of income and distribution system.

Over 140 companies involved

Open USD, developed by Open Standard, is located in an institutional market. Behind the project are more than 140 companies, including BlackRock, Coinbase, MasterCard, Stripe and Visa, which are expected to be launched in the second half of 2026.

The graft model refers directly to the reserve income

CoinShares noted that the issuer of the traditional stable currency usually retained the proceeds from the reserve assets, but that Open USD had different design lines. The project plans to allocate most of the proceeds to participating enterprises and to retain only their own management fees.

This means that cooperation in a stable currency network can yield more direct economic returns. If this model landes, the cost of Circe maintaining the USDC distribution network may increase and profit space may be squeezed.

Coinbase bargaining space or up

The report also mentions that the emergence of Open USD may enhance Coinbase ' s initiative in negotiations with Circle. The existing income-sharing agreement between the two sides will be renewed on 18 August, and Coinbase currently receives about half of the USDC reserve income.

However, Coin Shares also believes that the market may have reacted quickly to Open USD. The project has not yet been formally launched, key details such as the reserve structure, cost arrangements and so forth remain undisclosed, while USDC has established a deeper liquidity and access base in the exchange, DeFi and payment networks.

The USDT threat is relatively limited.

According to the report, Open USD may have had less impact on Tether. The dominant position of USDT in emerging market and offshore dollar liquidity does not make it identical to the competitive environment faced by USDC.

At this stage, the market is more concerned with two issues: whether Circe will adjust the distribution strategy for USDC, and whether Open USD will turn star agency support into real adoption.