Circle defends USDC economics as rivals court its partners

Circle is pushing back on competition for USDC partner economics as rivals court its distribution partners with larger revenue cuts. Coinbase, Circle's largest USDC partner, also backs Open USD (OUSD), the consortium stablecoin backed by Mastercard, Visa and Stripe that passes reserve income to partners after a management fee — a model that undercuts USDC's take on partner economics. Circle's defense comes as stablecoin issuers compete for holders of reserves and distribution channels. No specific counter-offers or changes to USDC's partner structure were disclosed.