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HTX Ventures Examines Open USD and Its Impact on Stablecoins

HTX Ventures has recently published a significant report titled Open Infrastructure, Closed Financial Rails: Open USD, Revenue Redistribution, and Participant Governance. This report scrutinizes the recent transformations in the stablecoin sector, particularly after the introduction of Open USD (OUSD) on June 30, 2026. The research sheds light on the interoperation of blockchain technology with the economic frameworks governing stablecoins, marking a pivotal shift in how revenue and governance will play out in the industry.

The Shift in Economic Structures

The emergence of stablecoins has transitioned from merely being settlement instruments in crypto trading to becoming instrumental in areas such as cross-border payments, corporate treasury management, and facilitating institutional transactions. Notably, Visa's stablecoin settlement pilot demonstrated impressive growth, achieving an annualized run rate of around $7 billion by April 2026 across nine distinct blockchains. Furthermore, various entities like Swift and the Canton Network are actively exploring how tokenized assets and central bank money can settle within a collaborative framework.

Despite the advancements in technology, the economic rights and privileges surrounding stablecoins often remain skewed in favor of issuers. These issuers typically mint stablecoins against customer deposits while pooling reserves into cash or short-term Treasury assets. Thus, reserve yields are predominantly reaped by issuers alone. Meanwhile, the structures that facilitate user access—like exchanges and wallets—must navigate extensive integration and compliance costs, often negotiating revenue through bilateral arrangements that are heavily dependent on their user base.

The Redesign of Revenue Distribution

The OUSD framework proposes a new direction wherein enterprises can mint and redeem OUSD without incurring fees or volume restrictions. A small management fee is levied, while the residual reserve yields are allocated to partners who endorse and promote OUSD, as well as chosen affiliates poised for participation in governance. Impressively, OUSD's partner network boasts over 140 institutions, including formidable names like Visa, Mastercard, and BlackRock.

HTX Ventures has identified three critical reforms within OUSD’s operating design:

1. From Cost-Based Access to Subsidized Distribution: This paradigm shift uses reserve yields to mitigate customer acquisition costs and compliance hurdles.
2. From Bilateral Agreements to Network-Wide Revenue Sharing: This approach integrates mid-sized payment firms and regional banks into a unified framework where revenue sharing is predicated on contributions.
3. From Issuer Governance to Participant Governance: Institutions bearing business and regulatory responsibilities will have a voice in decision-making processes.

Viability and Governance Mechanisms

The likelihood of OUSD's success hinges on several governing mechanisms capable of effectively determining value allocation within the network. Revenue-sharing regulations will influence how benefits are distributed, favoring institutions with robust capital reserves, yet the risk exists for manipulation through internal transfer activities that inflate transaction volumes without genuine payments. A more effective mechanism would incorporate assessments of balance retention, actual payment flows, new customer acquisitions, and regional compliance investments.

The operational success of these governance arrangements will be determined less by the mere number of institutions involved and more by how much authority the board exercises over core decision-making processes.

Future of Competition in the Stablecoin Space

The introduction of OUSD has ignited fundamental questions about the future landscape of stablecoins and the broader financial ecosystem. As entities like banks, payment processors, and exchanges continue to play key roles in providing underlying assets and facilitating customer relationships, the markets may experience realignments in profit distribution and control among stakeholders.

This competition will likely move beyond just the scale of issuance and the liquidity found on-chain, delving deeper into network value contributions. Institutions will begin to assess who drives value, who is entitled to share in the revenue from shared infrastructure, and how customer data and operating rules will be governed. This evolution suggests a potential progression from a framework dominated by a single entity towards collaborative networks governed by involving regulated participants.

HTX Ventures stands at the forefront, committed to monitoring how these developments in revenue distribution, customer relationships, and governance will shape the overall trajectory of the industry. As a research and investment firm with a keen focus on payment systems and institutional settlement, HTX Ventures aims to provide insights that not only highlight emerging trends but also foster innovation within this rapidly developing space.

About HTX Ventures

HTX Ventures operates as the global investment division of HTX, integrating investment strategies, incubation, and extensive research to identify groundbreaking projects within the market. Learn more about their initiatives and insights at their official site.