Circle defends USDC economics as stablecoin rivals court its partners with bigger cut
60-second summary
Circle defends USDC economics as stablecoin rivals court its partners with bigger cut. Coinbase, USDC’s largest partner, also supports Open USD, a competing network that distributes reserve income to partners after charging a management fee. Circle argues its reserve model remains transparent and fully collateralized, while the competition pressures pricing and could reshape partner fee structures across the stablecoin industry.
Coinbase, Circle’s largest USDC partner, also backs Open USD, a rival network that passes reserve income to partners after a management fee.