Jeremy Allaire defended USDC after Open Standard unveiled plans for Open USD, arguing network effects, liquidity and regulatory integration give Circle's stablecoin a more durable position.
Circle CEO Jeremy Allaire said stablecoins function as platform businesses, with adoption shaped by network effects, liquidity depth and regulatory integration. After Open Standard, backed by 140 companies, said on June 30 it plans to launch the dollar stablecoin Open USD later this year, Allaire argued USDC still holds durable advantages. He cited Artemis data showing USDC handled nearly $30 trillion in onchain volume in Q1 2026, representing about 80% of blockchain dollar-stablecoin transactions, and said OpenUSD's free redemption, revenue-sharing and consortium model may prove unsustainable.