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Coinbase, Visa and Mastercard executives clarify they will support multiple stablecoins, viewing Open USD as an additional payment rail rather than a direct replacement for USDC, despite ini
Executives from Coinbase, Visa, and Mastercard stated in recent earnings calls that they intend to support a variety of stablecoins, not just Open USD. This comes after Open USD's announcement a month ago caused Circle's stock to fall by as much as 20% due to investor concerns that USDC's largest commercial partners were shifting allegiance. Coinbase CFO Alesia Haas confirmed the exchange has met conditions to renew its commercial agreement with Circle and will continue growing the USDC ecosystem. Visa CEO Ryan McInerney emphasized the company is "multi-coin, multi-chain," while Mastercard CEO Michael Miebach described Open USD as "another coin that we will enable across our network," alongside existing support for USDC and other stablecoins. Analysts suggest the initial market reaction overinterpreted the partners' commitment to Open USD.
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