The Open USD (OUSD) consortium has recently gathered more than 140 major companies, including Visa, Mastercard, BlackRock, Stripe, Shopify, and Google, to reshape how the stablecoin industry operates. The group is not merely issuing a new token, but rather implementing a reserve revenue-sharing model with all of its partner companies. This approach contrasts with the practices of Tether and Circle, which have historically kept all yields from their cash reserves for themselves. The OUSD governing board is also comprised of representatives from the 140 partner companies, rather than being controlled by a single corporation. This collective move directly challenges Tether’s USDT, which currently holds a market capitalization of around $187 billion or 59% of the total market. In second place, Circle’s USDC follows with a value of $75 billion, equivalent to a 24% share. Combined, the two control 83% of the current global stablecoin supply.
Three Paths to Mainstream Payment Flows
Far from the orbit of the US dollar, Hong Kong is opening a new front in the competition through an entity named Anchorpoint Financial. A joint venture between Standard Chartered, Animoca Brands, and HKT, the company is launching a Hong Kong dollar stablecoin called HKDAP. They separate the issuance and distribution functions into different entities, appointing HashKey Exchange and OSL Group as official distributors. HKDAP operates under a license from the Hong Kong Monetary Authority Stablecoins Ordinance. Initial trials of the token have already run for settling insurance premium payments at YF Life, with a retail expansion schedule targeted to launch by late 2026.
Vertical Integration Amid Regulatory Pressure
Elsewhere, the Trump family-linked World Liberty Financial is taking a conventional banking route. The entity recently secured a conditional OCC national trust bank charter. This license allows them to build a fully vertically integrated system encompassing token issuance, custody, and banking functions under a single legal umbrella. These three players bring distinct business models - OUSD with yield distribution to 140 partners, HKDAP separating issuers and distributors, and World Liberty with its fully vertically integrated approach. Despite taking different paths, all three rely on the same thesis: the winning stablecoin will be the entity most deeply embedded in existing payment flows, not just the token with the most solid exchange rate.
Who Is Most at Risk?
This strategic shift toward distribution and reserve revenue-sharing comes at a challenging time for established players. If the CLARITY Act passes with proposed new stablecoin yield rules, crypto exchange Coinbase risks losing approximately $1.35 billion in USDC rewards revenue annually.
For users who move assets between exchanges daily, this adoption race provides clear direction for the industry’s future. Once a stablecoin is directly integrated into your Shopify cash register or Visa credit card network, your choice of wallet application will no longer be restricted by a single issuing company.
As reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
