Circle Defends USDC Economics as Coinbase Backs Rival
Coinbase, USDC's largest distribution partner, is also backing rival stablecoin network Open USD, which offers partners a bigger share of reserve income, pressuring Circle to defend its economics.
Stablecoin reserve income has funded aggressive partner payouts and market growth. If distribution partners like Coinbase support multiple competing networks at once, can any single issuer keep durable pricing power? Or does this competition eventually compress reserve income margins across the industry, changing how stablecoins generate revenue for everyone who holds them.
https://www.bonuz.xyz/en/blog/circle-usdc-coinbase-open-usd-rivalry
Coinbase, USDC's largest distribution partner, is also backing rival stablecoin network Open USD, which offers partners a bigger share of reserve income, pressuring Circle to defend its economics.
Stablecoin reserve income has funded aggressive partner payouts and market growth. If distribution partners like Coinbase support multiple competing networks at once, can any single issuer keep durable pricing power? Or does this competition eventually compress reserve income margins across the industry, changing how stablecoins generate revenue for everyone who holds them.
https://www.bonuz.xyz/en/blog/circle-usdc-coinbase-open-usd-rivalry