Update
Circle Defends USDC Economics
Stablecoin issuer Circle is defending its business model as its largest USDC partner, Coinbase, supports a rival stablecoin network called Open USD. Open USD aims to give businesses more income from stablecoin reserves by passing off reserve income minus a management fee to participants. Circle reported a net profit of 7 cents for each dollar in revenue during the first half of 2026, with the remaining $473 million covering compliance, liquidity, and product development costs.