Open USD: Float Battle Targets Circle Economics

Open USD reframes stablecoin competition as a direct fight over the float, where Stripe, Visa, Mastercard, BlackRock and Coinbase push a dollar that lets partners mint and redeem without paying the old issuer tax while routing reserve yield back into the network. Circle felt the pressure immediately as the market prices distribution power into the stablecoin stack. Traditional finance partnerships in USD stablecoins now hinge on who actually mints at scale, who holds the reserves and who keeps the basis points once the press releases fade, turning stablecoin issuance economics into plumbing that existing money movers will contest.