The launch of OpenUSD, or OUSD, sparked a sharp drop in Circle shares, prompting questions about whether major distribution and payments partners were shifting away from USDC. Comments from executives at Coinbase, Visa and Mastercard suggest that is not the case.

Instead, all three companies described a broader multi-stablecoin approach in recent earnings calls, saying they intend to support customer demand across more than one dollar-pegged token rather than treating OUSD as a replacement for USDC.

Coinbase says Circle agreement remains in place

Coinbase Chief Financial Officer Alesia Haas said the company had met the terms required to renew its commercial agreement with Circle. She said Coinbase would continue working to expand the USDC ecosystem, signaling that the relationship around Circle’s flagship stablecoin remains active after OUSD’s debut.

At the same time, Coinbase did not frame the new token as a threat that required choosing sides. Chief Executive Officer Brian Armstrong said the exchange aims to support the stablecoins its customers want to use, describing Coinbase as a multi-stablecoin platform. He added that OUSD could create additional business opportunities for the company.

Visa and Mastercard take a neutral position

Visa and Mastercard delivered a similar message. Rather than backing one token over another, both companies said their role is to help customers connect to payment and settlement networks regardless of which stablecoin gains traction.

Visa Chief Executive Officer Ryan McInerney said the company would not try to pick winners. Mastercard Chief Executive Officer Michael Miebach said the company already supports several stablecoins on its network, including USDC and USDG, and indicated that OUSD would simply become another supported option.

Market reaction may have gone further than partner comments

The sell-off in Circle shares following the OUSD launch appeared to reflect concern that strategic partners could redirect support away from USDC. But the statements from Coinbase, Visa and Mastercard point to continuity rather than a break, with each company emphasizing coexistence among multiple stablecoins.

Some analysts said the initial market response may have overstated the significance of the shift. In that view, early expressions of partner interest in OUSD may be non-binding and do not necessarily imply substantial operational commitment, resource allocation or a reduced role for USDC.

What is confirmed now

Based on the executives’ comments, the clearest confirmed development is that major partners are not presenting OUSD as a direct substitute for USDC. Coinbase says it has renewed its commercial arrangement with Circle and will keep building the USDC ecosystem, while also supporting customer demand for OUSD.

For Visa and Mastercard, the next practical step is consistent with the posture they described on earnings calls: adding support where customer demand exists while maintaining a neutral network role. For now, the companies’ public position is that OUSD joins a growing list of supported stablecoins rather than displacing USDC.

Source: en.bloomingbit.io