Open USD Stablecoin Revenue Redistribution Report
Analysis based on 6 articles · First reported Jul 20, 2026 · Last updated Aug 13, 2026
The report highlights a potential shift in stablecoin revenue distribution, which could affect the competitive dynamics among issuers, exchanges, and payment companies. If revenue-sharing models gain traction, traditional issuers may face narrower margins, while partners with user access and liquidity could gain bargaining power, impacting valuations and business models across the crypto and payments sectors.
HTX Ventures, the global investment arm of HTX, released a report on August 13, 2026, analyzing the stablecoin Open USD (OUSD), unveiled by Open standard on June 30, 2026. The report examines how OUSD's design redistributes revenue and governance among participants. Open standard allows enterprises to mint and redeem OUSD free of charge, charging a small management fee and sharing reserve yields with partners. The partner roster exceeds 140 entities, including Visa, Mastercard, American Express, Stripe, Coinbase, BlackRock, and BNY. The report identifies three institutional shifts: from fee-based access to subsidized distribution, from bilateral negotiations to network-wide revenue sharing, and from issuer governance to participant governance. It discusses potential impacts on banks, card networks, and the broader value chain, noting that revenue-sharing models may narrow issuers' ability to retain full reserve yield spreads. OUSD is slated for launch later in 2026 and shares code with Origin Protocol's Origin Dollar, though they are distinct products. The report emphasizes that execution details, such as revenue allocation mechanisms and governance board powers, will determine the model's viability.
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