OpenUSD investors say OUSD is meant to complement, not replace, USDC

Coinbase, Visa, Mastercard and other major investors in OpenStandard said OpenUSD is designed to complement, not replace, USDC, and they plan to support multiple stablecoins rather than back a single token, according to CoinDesk. The remarks came after Circle’s market capitalization fell by billions of dollars following the launch of OpenUSD, or OUSD, by OpenStandard, a group involving more than 140 payments and crypto companies including Visa and BlackRock. During last week’s second-quarter earnings call, Coinbase highlighted its close relationship with Circle. Coinbase CFO Alesia Haas said the company had already met the terms required to renew its business agreement with Circle and would continue expanding the USDC ecosystem. Visa CEO Ryan McInerney said the company’s role is not to pick winners. Mastercard CEO Michael Miebach said Mastercard already supports USDC and USDG, and described OpenUSD as another coin the company plans to support for use across its network.