Visa, Mastercard, and Coinbase Soften Stance on Open USD

The launch of Open USD by Coinbase, Visa, and Mastercard initially sent shockwaves through the stablecoin market, threatening to usurp Circle's USDC.

Executives from the three companies have since clarified their stance, stating that they are pursuing a multi-stablecoin strategy, with Open USD serving as an additional network rather than a replacement for USDC.

Coinbase CEO Brian Armstrong emphasized the exchange's commitment to supporting multiple stablecoins, including USDC and Tether's USDT, while Visa CEO Ryan McInerney described his company as 'multi-coin, multi-chain', aiming to connect clients with whichever stablecoins gain adoption.