Circle defends USDC economics as Open USD courts its partners

Circle (NYSE: CRCL) has published a long blog post explaining how it splits USDC revenue with partners on Friday, October 16. The post was authored by Circle’s chief commercial officer Kash Razzaghi, and it does not name a competitor. However, it is being seen as a response to Open USD (OUSD), the rival stablecoin that was recently integrated across Stripe’s stablecoin stack . OUSD is powered by a new issuer that is promising to hand back more of the money a stablecoin earns, and the content of Circle’s latest blog reads as if it’s a response to that move. Where does USDC revenue go? Circle reported that it made around $1.4 billion in revenue in the first half of 2026.

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