Circle defends USDC economics as stablecoin rivals court its partners with bigger cut
Coinbase, Circle’s largest USDC partner, also backs Open USD, a rival network that passes reserve income to partners after a management fee.
AI summary
Circle is defending the economics of its USDC stablecoin as competitors try to lure away its distribution partners with larger revenue shares. Coinbase, Circle's biggest USDC partner, is also backing Open USD, a rival network that passes reserve income to partners after a management fee. The story signals competitive pressure on stablecoin issuer margins rather than a clear directional move for crypto prices, though it matters for anyone tracking USDC market share and stablecoin business models.
