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The stablecoin war is shifting from who issues the dollar to who gets paid for moving it. Open USD launches with Coinbase, Visa, Mastercard, Stripe, and Shopify behind it and a promise to share most of its equity with the partners who drive adoption, a direct challenge to the issuer-takes-all economics behind USDT and USDC. Whether that model builds a more durable network or simply turns distribution into a bidding contest depends on details Open Standard has yet to disclose.
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In Today’s Edition:
**Headline:Open USD Challenges Tether and CircleQuick Bites:Standard Chartered expects USDe to hit $40BYield of the Week:**CTA Systematic Alpha’s 61.51% APY
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HEADLINE
**State of play: **Open USD, backed by Coinbase, Mastercard, Visa, Stripe, and Shopify, went live on ETH, Solana, Base, and Tempo with a model that hands most of the issuer’s equity to partners who grow it, betting that distribution, not issuance, decides who wins.
The five founding partners hold equal initial stakes and have collectively committed over $1B to seed OUSD liquidity in the coming months.
Partners can earn equity over 4 to 5 years based on OUSD supply and transaction activity, rewarding circulation over passive holding.
Founders receive no special revenue share and earn rewards under the same framework as every other partner in the network.
OUSD eliminates minting and burning fees, and Tempo targets $1B in supply within months and over $10B during 2027.
The integration network has grown past 200 companies, with UBS, SBI Holdings, and Jeeves among the latest additions.
**What’s Next: **Watch whether the founding group expands to 10 to 12 firms and whether Tempo hits its $1B supply target.
**Why it Matters: **Coinbase and Visa backing a USDC rival signals that distributors now want ownership, not just a revenue cut.
**Our Take: **Equity for usage aligns partners on paper, but it also invites wash activity to farm stakes, and the undisclosed thresholds make that hard to judge.
QUICK BITES
Standard CharteredexpectsUSDe to hit $40B by 2028.Open USDtakes onTether, Circle with a different stablecoin model.European stablecoin issuer AllUnitylaunchesUSD stablecoin USDAU.CitiexpandsCoinbase partnership to power stablecoin payments for businesses.
YIELD OF THE WEEK
The vaultaccepts USDC deposits on Solana and runs a directional systematic strategy on US equities combining mean-reversion and trend-following signals, with ~$2.24M in TVL capped at $5M and custodied via Ceffu on Binance.Capital is deployed across US equities (NASDAQ/NYSE, ~$2.02M) and Binance (~$192.98k), with the strategy carrying long-only directional exposure and no short selling.
Yield is generated from systematic alpha on US equity markets, delivering a 61.51% APY with a 1.96 Sharpe ratio, 7.65% max drawdown, and +16.0% ROI since May 2026 inception.
The vaultaccepts USDC deposits and issues gUSDC tokens representing ownership in the liquidity pool, acting as the counterparty to all trades on the Gains perpetuals platform, with ~$4.83M in TVL and a 96.37% collateralization ratio.Capital is deployed as counterparty liquidity to traders on Gains Trade, with gUSDC accumulating trading fees in real-time across all platform trades at a current price of 1.30734 USDC per gUSDC.
Yield is generated from trading fees paid by perp traders on the platform, delivering a 45.97% APY, with withdrawals following an epoch system with the current epoch ending October 3, 2026.
The poolaccepts USDC deposits on Polygon and provides senior tranche exposure to a diversified portfolio of uncorrelated insurance risks across multiple programs and lines of business.Capital is primarily deployed into Spot (95.83%, ~$1.1M), with smaller allocations to Cliff Horizon (3.47%), DLT Alert (0.35%), and other risk partners (0.34%), with 80% of capital withdrawable within three months even under stress scenarios.
Yield is generated from insurance premiums across diversified risk programs, with losses absorbed first by pure premiums and the junior tranche before reaching senior holders, delivering a 22.38% APY.
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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.
