According to CoinMeta, Coinbase, Visa and executives from Mastercard stated that Open USD is not a substitute for USDC. The launch of Open USD once sparked concerns in the market about its direct competition with Circle's USDC, leading to a loss of billions of dollars in Circle's market value. Relevant companies are advancing a multi-stablecoin, multi-chain strategy, positioning Open USD as an additional network. Analysts point out that while several Open USD partners have made light commitments so far, the project's execution capability, as well as the existing liquidity of USDC and USDT, will be more crucial than the scale of the Open USD alliance.