Open USD’s Partner-Yield Model Puts Circle’s Reserve-Income Economics Under Pressure

CoinShares identified the planned Open USD stablecoin as the most credible threat yet to Circle’s USDC model. Open USD intends to pass most reserve income to participating businesses while retaining a management fee, potentially forcing Circle to share more economics with distributors. The consortium has more than 140 members and targets a second-half 2026 launch, but key reserve and fee details remain undisclosed.