Coinbase, Visa Say OpenUSD Complements USDC Rather Than Replacing It
Forecast Trend Report by Period
Coinbase, Visa and Mastercard sought to draw a line between OpenUSD and Circle's USDC after OpenUSD's launch coincided with a steep drop in Circle's valuation, CoinDesk reported on August 4.
Coinbase reaffirmed its partnership with Circle during its second-quarter earnings call last week. Chief Financial Officer Alesia Haas said the company had already met the conditions to renew its agreement with Circle and would 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 the network alongside USDC and USDG.
OpenUSD is a stablecoin network backed by OpenStandard, which includes about 140 companies such as Visa and BlackRock.
