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Morning Edition · Sunday, October 18, 2026Published at 1:40 AM EDT · New York
Circle defends USDC revenue sharing while Coinbase also backs Open USD, a rival that passes reserve income to distributors
A Bank for International Settlements paper finds that small rises in bank deposit rates slow stablecoin growth, which makes the split of reserve income the central question in the sector's economics.
Circle is defending the economics of USDC as competing issuers offer its distribution partners a larger share of reserve income, CoinDesk reported. Coinbase, Circle's largest USDC partner, also backs Open USD, a rival network that passes re…
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Race to Bank and Distribute Stablecoin Reserves
Over 3-6 months, established financial and payments firms compete to custody stablecoin reserves and embed stablecoin rails into cross-border settlement, institutionalizing the plumbing beneath stablecoins.
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