Clarity Act Enacted: USDC's Dominance May Be Disrupted by Open USD

According to Woofun AI, Mizuho Bank/MFG.US (Mizuho Bank/MFG.US)'s latest research report indicates that the proposed CLARITY Act, if passed, will completely reshape the stablecoin competition pattern and directly threaten the dominant market position of USDC under Circle (CRCL.US). The bill aims to establish a clear federal regulatory framework, but its side effect of removing regulatory uncertainty may unexpectedly exacerbate intra-industry rivalry, causing Circle's existing first-mover advantage and profitability to face serious challenges.

Data compiled by Woofun AI shows that judging from the competitive mechanism, Open USD poses a core threat with its unique revenue distribution model. The project is supported by over 140 large corporate alliances including Visa (V.US), Mastercard (MA.US), Stripe, BlackRock/BLK.US, and Coinbase (COIN.US). Open USD distributes most of the proceeds from reserve management to partners, while Circle only keeps about 38% of USDC reserve earnings.

This significant revenue gap makes Open USD more attractive to large distribution partners and may further fragment the market.

The more critical variable is the dual role of Coinbase (COIN.US) and its potential actions. As the largest distributor of USDC, Coinbase is also an endorser of Open USD. Mizuho analysts predict that Coinbase may begin renegotiating its revenue sharing agreement with Circle (CRCL.US) as early as next month. Using its key position in the two projects, Coinbase is fully capable of fighting for more favorable terms, a move that could directly alter the balance of power in the stablecoin market and weaken Circle's moat.

The advancement of the CLARITY Act marks a key turning point in the stablecoin market. For investors and users, increased competition may lead to more innovative products and higher returns; but for Circle, maintaining a leading position requires a complete adjustment of the business model. This case highlights the profound and sometimes unexpected impact of changes in regulatory policies on market dynamics. All parties are closely watching how the legislative process is reshaping the industry ecosystem.