Circle · Stripe · U.S. · CryptoSlate
Circle CEO says Open USD must break USDC’s network effect before its 140 backers matter
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Circle CEO Jeremy Allaire used Open USD's launch to draw a harder line around USDC's moat: a partner-owned stablecoin can challenge Circle only if its distribution becomes live, regulated transaction flow.
Key facts
- Circle's May 11 Q1 release separately reported $21.5 trillion in USDC on-chain transaction volume, $77.0 billion in USDC in circulation, and a 63% share of stablecoin transaction volume under Visa
- His July 1 response followed Open Standard's June 30 announcement of Open USD
- USDC also accounted for 80% of total stablecoin transaction volume in a CEX.IO Q1 stablecoin report, which found that bot-driven activity accounted for 76% of total stablecoin volume
- The launch post said more than 140 businesses had signed up to use the token, including Visa, Stripe, Mastercard, American Express, Coinbase, BlackRock, BNY, Google, Shopify, Solana, Base, Ripple
Summary
01 Circle CEO Jeremy Allaire said Open USD's 140-plus backers matter only if the token turns into live, regulated transaction flow. 02 He argues liquidity, integrations and compliance, not logos, will decide whether OUSD can challenge USDC's entrenched network effects. 03 The open question is whether OUSD can deliver repeat usage across payments, exchange, remittance, DeFi and treasury venues after launch. His July 1 response followed Open Standard's June 30 announcement of Open USD.