TheBlock
Visa CEO Ryan McInerney declined during an earnings call to frame the consortium-backed Open USD stablecoin as a challenger to Tether (USDT) or Circle's USDC, telling analysts the network's role is "not to pick winners."
Visa is among the companies that supported Open USD's launch last month, a move Ark Invest said suggests interest without making it a "strategic bet." The hesitation matters because Open USD is positioned by some as a direct competitor to the two stablecoins that already anchor most on-chain dollar settlement.
Why it matters
Visa's neutrality is the politically safe stance for a network whose stablecoin partners include both incumbents and challengers. USDC runs on shared rails the card network already processes, and Tether still dominates offshore exchange volume. Open USD, backed by a broad institutional consortium, is asking the same merchants and banks to add a third rail. Declaring a winner prematurely would alienate whichever side loses.
Market impact
The comment is unlikely to move USDT or USDC pegs on its own, but it signals that Open USD will compete for wallet and merchant integrations rather than rely on Visa's brand to win by default. Watch the next quarterly disclosure for whether Open USD volumes start appearing in Visa's settlement disclosures.
Frequently asked questions
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What is Open USD stablecoin?
Open USD is a consortium-backed stablecoin supported at launch by Visa and other institutional partners. Some market participants view it as a potential competitor to USDC and USDT.
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Why did Visa's CEO avoid picking a winner between stablecoins?
CEO Ryan McInerney told analysts on an earnings call that Visa's role is "not to pick winners." Visa processes stablecoin rails for both USDC and Tether, so declaring a rival would risk alienating an existing partner.
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Is Open USD a threat to Tether and USDC?
Open USD is positioned by some as a direct competitor to USDT and USDC, which together anchor most on-chain dollar settlement. Visa's neutrality and Ark's "interest, not strategic bet" framing suggest the contest is still open.
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What did Ark Invest say about Visa and Open USD?
Ark Invest said Visa's support for Open USD suggests interest in the project but does not necessarily amount to a "strategic bet" on its success over USDC or USDT.
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Could this move stablecoin prices or pegs?
McInerney's comments are unlikely to shift USDT or USDC pegs on their own. The more meaningful signal is that Open USD will compete for wallet and merchant integrations rather than ride Visa's brand to default adoption.
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