The consortium-backed stablecoin would share reserve income with partners instead of the issuer, pressuring Circle's margins if it debuts in 2026.

The Japanese investment bank said Open USD's yield pass-through model could pressure Circle's margins by shifting more reserve income to distributors.

Circle's CRCL stock faces pressure as the $310B stablecoin market attracts competitors like Open USD, backed by Coinbase and BlackRock, despite OCC bank

The consortium-backed stablecoin would share reserve income with partners instead of the issuer, pressuring Circle's margins if it debuts in 2026.

CoinShares flags Open USD as USDC's biggest threat yet. The 140-firm consortium backing OUSD sent Circle's stock down 17.5% with a new revenue-sharing