Published Jul 1, 2026, 8:35 AM ET · Updated 4 months ago · 1 source
THE BLOCK: Circle CEO Jeremy Allaire defended USDC's network effects after Coinbase joined Visa, Stripe, Mastercard, and others in the 140+ firm Open Standard consortium behind rival stablecoin Open USD. Allaire said Circle's Coinbase partnership "remains as strong as ever," but called the track record of stablecoin consortium products reaching scale "absolutely dismal."
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Original Report
THE BLOCK: Circle CEO Jeremy Allaire defended USDC's network effects after Coinbase joined Visa, Stripe, Mastercard, and others in the 140+ firm Open Standard consortium behind rival stablecoin Open USD. Allaire said Circle's Coinbase partnership "remains as strong as ever," but called the track record of stablecoin consortium products reaching scale "absolutely dismal."