After the Open Standard Alliance introduced the dollar-stabilized currency Open USD, the first reaction of the market was not the adoption of prospects, but rather the revenue-consumption of Circle. According to external sources, the price of the Circle stock was once down by 15 to 18%, reflecting investors’ fear that USDC would lose its users immediately, but that its revenue structure, which relies on reserve interest, was facing more direct competition.

The graft model refers directly to core income

According to the article, the main source of revenue for Circe is clearer: the issuance of USDC, which holds the equivalent of the United States dollar reserve and receives interest from it. This model can generate significant income at a higher interest rate stage; however, the attractiveness of the old model will decline if competitors share this share of the proceeds among banks, payment platforms and distribution channels.

Open USD's approach is exactly that. It was mentioned that the project did not emphasize the creation of an entirely new currency, but sought to reshape the distribution of benefits in the stable currency ecology. Unlike the traditional model in which the issuer retains most of the benefits of the reserve, Open USD tends to distribute the benefits more widely to ecological participants.

The article also refers to Open USD ' s alleged provision of free casting and foreclosure services to further compress the additional income to be earned by distribution. According to external sources, this overt and more radical strategy is the most obvious difference between it and the USDC model.

140 List of institutions in question

At the time of its publication, the Open Standard Coalition listed more than 140 institutions, including payment companies, encryption platforms and regulatory agencies, including Visa, Masters, Stripe, Coinbase and Beled. From the list alone, the project quickly attracted market attention.

At the same time, however, the article notes that some listed companies have given more cautious statements about the level of participation. According to Korean media reports, Samsung electronic representatives stated that the company had not held formal consultations and was not aware of the specific role it had been given. Dunamu and KBank, for their part, indicated that the contact was still at the preliminary stage of intent. There are also companies that were allegedly informed of their listing only after the Korean media reported.

This means that there is still a considerable gap between the institutional framework published by the Alliance and the depth of actual participation. According to external sources, this would affect the market ' s judgement about the speed of Open USD advancement.

Paying the giants is all set.

According to the article, Open USD is more like a payment network layout than a mere stabilizer. The logic is close to the network model of Visa: rather than relying on a single high profit, it allows more transactions to be done on the same infrastructure and to profit from scale.

Within this framework, the Stripe-supported Stabilised Currency Infrastructure Company Bridge is considered a key implementer. According to external sources, with the acquisition of Stripe Bridge, the stabilization currency infrastructure has been integrated into the wider financial technology system, and Open USD could be a step towards extending its payments and banking services to enterprises.

Coinbase's participation was also interpreted as a hedge. Although Coinbase has a close relationship with Circe on USDC, Coinbase could also benefit if Open USD opens new markets in Internet payment or business settlement scenarios. For them, this participation is less costly and leaves more options open.

The roles of Visa and MasterCare are more biased towards the settlement layer. According to the article, the two companies did not seek to promote the direct use of stable coins by consumers, but rather wanted to take a place at the issuance card, billing and inter-agency settlement. They still want to have access to critical infrastructure if the stabilization currency is to be used more for back-office liquidation in the future.

Market re-evaluation of profit space

According to foreign sources, the market's sale of the Circle stock is not a judgement as to whether Open USD has been adopted on a large scale, but a pre-counting of the possibility that the stable currency issuer's model of exclusive access to reserves may become less secure in the future.

If models such as Open USD are accepted by more payment agencies, trading platforms and enterprises, stable currency competition may shift from user size to distribution of proceeds. For Circe, the real pressure does not necessarily come from short-term leakage, but rather from the market beginning to reassess the profitability of the USDC business model.