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Circle defends USDC economics as rival Open USD offers partners bigger share
Circle is defending the economics of its USDC stablecoin as rival networks court the partners that distribute it. Coinbase, the largest USDC partner, also backs Open USD, a competing network that passes reserve income to its partners after a management fee.
Coinbase backs a rival network
Coinbase is Circle's largest partner for USDC, the dollar-pegged token. According to the report by CoinDesk, the exchange also backs Open USD, a rival network.
Open USD passes reserve income on to its partners, though only after deducting a management fee.
Open questions
- How large would the share returned to partners be under Open USD's fee structure?