The consortium-backed stablecoin would share reserve income with partners instead of the issuer, pressuring Circle's margins if it debuts in 2026. CoinShares said Open USD directly challenges Circle by giving partners income generated by reserves backing the stablecoin, undermining USDC's distribution economics. Open USD comprises more than 140 companies, including BlackRock, Coinbase, Mastercard, Stripe and Visa. The stablecoin is expected to debut in the second half of 2026. Despite…
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