While Circle's market cap has decreased by billions of dollars due to OpenUSD (OUSD) from OpenStandard, in which over 140 payment and cryptocurrency companies including Visa and BlackRock participate, major investors such as Coinbase, Visa, and Mastercard stated, "OpenUSD is not a replacement for USDC, but a complementary network. We plan to support multiple stablecoins rather than investing in a single one." According to CoinDesk, Coinbase emphasized its close relationship with Circle during its Q2 earnings announcement last week. Coinbase CFO Alesia Haas said, "We have already met the conditions for renewing our business agreement with Circle. We will continue to grow the USDC ecosystem." Additionally, Visa CEO Ryan McInerney stated, "Our role is not to pick winners." Mastercard CEO Michael Miebach said, "We already support USDC, USDG, and others. OpenUSD is another coin we support for use across our network."
