More Than 140 Firms Backed a New Stablecoin, Putting the Economics of Digital Dollars Up for Grabs
Shares of Circle Internet Group, the company behind USDC, fell 18% on June 30 after more than 140 companies joined a network supporting a competing stablecoin called Open USD. The participants span card payments, merchant services, asset management, banking, technology and crypto. The proposed model would share reserve earnings with participating businesses, challenging the idea that the issuer should retain most of the income.
The key observation is that stablecoin adoption can keep expanding while the profit pool shifts toward the companies that control customer access and payment activity.
Today’s Setup
Reuters reported that Open Standard had brought together more than 140 businesses to support Open USD, a dollar-backed stablecoin expected to launch later in 2026.
The participants include Visa, Mastercard, Stripe, BlackRock, Google and Coinbase.
Open Standard said businesses will be able to mint and redeem Open USD without fees or volume limits. Earnings from the stablecoin’s reserves will be shared among participating businesses after a management fee.
The Wall Street Journal reported that Circle shares fell 18% after the announcement.
Circle reported $653 million in first-quarter reserve income, up 17% from a year earlier. USDC circulation ended the quarter at $77 billion, up 28%, while distribution, transaction and other costs totaled $407 million.
What Kind of Day This Usually Is
This is a distribution-economics test.
Stablecoin issuers earn interest on the cash and short-term securities held behind their tokens. Open USD is testing whether more of that income will move toward the payment, merchant, financial and technology companies that help a token reach users.
What Experienced Investors Watch First
One key signal is actual integration. Visa and Mastercard represent global payment networks. Stripe connects with merchants. Coinbase reaches crypto users and provides digital-asset infrastructure. BlackRock brings institutional scale, while Google adds technology reach.
Their importance depends on whether participation becomes product access, transaction volume and circulating supply. Joining a network is not the same as making its stablecoin a meaningful part of customer payments.
Another signal is reserve income after partner payments. Circle’s USDC circulation grew 28%, but distribution and transaction costs were already substantial. A model that shares more reserve earnings may expand distribution while reducing the portion retained by the issuer.
Common Misreads
A common misread is treating Circle’s decline as a rejection of stablecoins. The arrival of more than 140 participants may instead show how much interest the category is attracting.
Another mistake is assuming a long partner list guarantees adoption. Large networks can bring reach and credibility, but they can also bring divided incentives and slow coordination.
BlackRock and Goldman are betting on this... are you?
Imagine it's 1950.
The U.S. government just announced plans to build 40,000 miles of interstate highways.
You're standing there thinking: "Hmm... highways need cars. Cars need gasoline."
And you notice oil is trading for $3 a barrel.
Would you buy? I certainly would.
Because with oil demands like that, I'd know what was coming.
Here's what happened.
Oil hit $40 a barrel. A 1,233% gain.
People who saw the pattern early turned modest stakes into fortunes.
Now fast forward to today.
Trump just signed a law forcing the construction of entirely new financial infrastructure.
Digital highways that will carry $382 trillion in assets by April 2027.
And just like cars need gasoline…
This new Money Grid needs a specific digital fuel to operate.
Every transaction burns it. Automatically. Permanently.
The infrastructure is already being built.
JPMorgan is running $2 billion a day through it.
BlackRock launched a fund on it that hit $2.8 billion in 90 days.
Transaction volume: 130 million per day and climbing.
The pattern is nearly identical to 1950.
Except this time, the infrastructure isn't just for transportation.
It's for the entire financial system.
And that's why Institutions like BlackRock, Goldman, Grayscale, ARK Invest, Andreessen Horowitz have quietly been in a buying frenzy.
Because they want in before the price explodes.
In a few months, when this story hits the front page of Bloomberg and CNBC…
Investors might have to pay 5X, 10X, even 50X what they could pay today.
But right now?
We can get in for less than $500.
Keep in mind, you're seeing this before the highways are finished.
Before everyone realizes what's being built.
Before the price reflects the inevitable demand.
Don't miss it this time.
P.S. The CLARITY Act passed the House 294-134. The institutions are already in. $3 trillion already lives on this grid and even at that level and Digital Oil has already climbed 374% in five years. When $382 trillion floods in? Do the math.
The Playbook Lens
Focus on distribution power, not partner count.
The important names represent different routes into the financial system. Card networks reach payment activity. Merchant platforms reach businesses. Crypto exchanges reach digital-asset users. Financial and technology companies bring institutional access and operating scale.
The economic question is whether those channels become active distribution and how much reserve income they receive in return. Stablecoin growth and issuer profitability do not have to move together.
Carry This Forward
Clearer rules helped stablecoins move closer to mainstream finance. Competition is now testing where the earnings settle as payment networks, financial firms, technology companies and crypto platforms enter the same market. The June 30 reaction showed that the value of issuing a digital dollar depends increasingly on who controls its distribution.
Talk soon,
The Playbook Daily
