Coinbase, Visa Say OpenUSD Is a Complement to USDC, Not a Replacement
Summary
- Coinbase, Visa and Mastercard said OpenUSD (OUSD) is not intended to replace USDC.
- Coinbase reaffirmed its partnership with Circle, saying it has met the conditions to renew the agreement and will continue expanding the USDC ecosystem.
- Mastercard’s CEO said OpenUSD is another stablecoin supported on the network alongside USDC and USDG.
Forecast Trend Report by Period
Coinbase, Visa and Mastercard have sought to draw a line under concerns that OpenUSD could displace Circle’s USDC, saying the project is meant to complement rather than replace the stablecoin, CoinDesk reported on Aug. 4. The comments came after Circle’s valuation fell sharply following OpenUSD’s launch.
Coinbase reaffirmed its partnership with Circle during its second-quarter earnings call last week. Chief Financial Officer Alesia Haas said the company has already met the conditions to renew its agreement with Circle and will continue expanding the USDC ecosystem.
Visa Chief Executive Officer Ryan McInerney said the company’s role is not to pick winners. Mastercard Chief Executive Officer Michael Miebach described OpenUSD as another stablecoin supported on its network alongside USDC and USDG.
OpenUSD is a stablecoin network being advanced by OpenStandard, a group of about 140 companies that includes Visa and BlackRock.
JH Kim
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