Open USD poses biggest threat yet to Circle's USDC, CoinShares says

Open USD is poised to pose the biggest threat yet to Circle's USDC, CoinShares warns, as the consortium-backed stablecoin would share reserve income with partners, potentially pressuring Circle's margins if it debuts in 2026, forcing Circle to reevaluate its pricing strategy and potentially impacting USDC's market share in the increasingly competitive stablecoin market.