Visa Sidesteps Labeling Open USD a Rival to Tether and USDC

Visa CEO Ryan McInerney sidestepped labeling Open USD as a challenger to Tether and USDC, saying Visa's role is 'not to pick winners.'

Last month, Visa was among over 140 companies supporting the launch of Open Standard, which plans to introduce the Open USD stablecoin later this year.

When asked about Open USD's potential rivalry with Tether and USDC, McInerney emphasized that Visa will remain multi-coin and multi-chain, aiming to help clients connect to the stablecoin ecosystem securely and at scale.

Mizuho downgraded Circle after citing the threat posed by Open USD, but Bernstein analysts have downplayed its impact on USDC's business.