Open USD enlists 3 payment giants to challenge Circle's USDC

The Aptos-based stablecoin consortium is bringing Mastercard, Visa, and Stripe into a revenue-sharing model designed to pull partners away from Circle's USDC.

Open USD has partnered with Mastercard, Visa, and Stripe for its stablecoin launch on the Aptos blockchain, challenging Circle's USDC with a model that distributes Treasury reserve income to consortium members rather than keeping it at the issuer level.

"Most stablecoin issuers — Circle included — park user deposits into short-term Treasuries, collect the yield, and keep it," the Currency Analytics reported. "Open USD wants to break that arrangement wide open."

The consortium plans to launch in 2026, though specific yield percentages and the revenue-split structure have not been disclosed. The model targets high-volume payment processors and financial institutions where basis points on reserve yield can shift partnership decisions. Coinbase separately joined a 140-company stablecoin alliance, while Visa launched its own platform to provide stablecoin services to more than 200 million merchants.

Open USD does not need to beat USDC outright to pressure Circle's margins — it only needs to pull enough high-volume partners to dent the reserve income base that underpins Circle's financial model. Circle has not publicly responded to the consortium's plans.

How the Revenue Model Works

Stablecoins backed by US Treasuries generate yield on every dollar held in reserve. For USDC, which has built a profitable business around capturing that spread, the model has been a reliable revenue engine. Open USD's consortium flips that structure, distributing the income among network partners — banks, fintechs, payment processors, and exchanges — rather than retaining it at the issuer level.

The consortium has not disclosed which specific partners are already on board or how many institutions have committed. A revenue-sharing model only works if there is a network worth sharing with, and building that network from scratch against an entrenched player like Circle is a significant challenge.

What's at Stake for Circle

Circle operates in a market where Tether still dominates globally by market cap. USDC carved out a strong position in decentralized finance and institutional use cases, but the Open USD model introduces a competitive dynamic that goes beyond chain support or compliance features. It competes on the income statement.

The broader stablecoin sector has been consolidating around a handful of major players as regulatory clarity in the US pushes institutions toward compliant, audited options — a trend that benefits Circle. But compliance alone may not keep partners loyal if a competitor offers a direct financial incentive to switch.

Other stablecoin issuers are likely watching the Open USD model closely. If it gains traction, it could force a wider conversation about how reserve income gets distributed across the ecosystem. Some issuers might begin offering partial revenue shares to anchor large partners. Others may double down on liquidity and compliance as their differentiator.

The consortium's planned 2026 launch puts it on a tight timeline to build the network and infrastructure needed to compete at scale. For Aptos, the partnership represents a significant vote of confidence from traditional finance, potentially positioning the blockchain as a leading platform for real-world asset tokenization and stablecoin payments.

This article is for informational purposes only and does not constitute investment advice.