Odaily Planet Daily reports that after the launch of Open USD, market concerns arose over its potential direct challenge to Circle’s USDC, leading to a loss of billions in Circle’s market value. Executives from Coinbase, Visa, and Mastercard stated that the involved companies are advancing a multi-stablecoin, multi-chain strategy, positioning Open USD as an additional network rather than a replacement for USDC. Analysts note that most Open USD partners have so far made only light commitments; project execution capability and the existing liquidity of USDC and USDT will be more critical than the size of the Open USD alliance.
Coinbase, Visa, and Mastercard Clarify That Open USD Is Not a Replacement for USDC
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Summary
Coinbase, Visa, and Mastercard issued a project announcement clarifying that Open USD is an additional network upgrade, not a replacement for USDC. The statement came in response to concerns that Open USD could compete with Circle’s stablecoin, potentially causing a decline in its market value. Analysts note that Open USD’s partner commitments are limited, and execution, along with the liquidity of USDC and USDT, will be most critical.
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