Open USD Brings Cavalry to Further Stablecoin Push Into Financial Mainstream

Research evidence excerpt

Open USD Brings Cavalry to Further Stablecoin Push Into Financial Mainstream

TD SECURITIES (USA) LLC QUICK TAKE: INDUSTRY UPDATE

June 30, 2026

■Computer Services & IT Consulting: Open USD Brings Cavalry to Further

Financial Technology Stablecoin Push Into Financial Mainstream■Payments

Bryan C. Bergin, CFA THE TD COWEN INSIGHT

646 562 1369

Open USD will be a new stablecoin supported by 140+ participants across payments, banking

bryan.bergin@tdsecurities.com

& fintech (incl V, MA, AMEX, Stripe). Advantages include scale, economics & distribution.

Moshe Orenbuch Emergence of shared framework could accelerate adoption meaningfully, reduce ecosystem

646 562 1495 fragmentation, and reinforce stablecoin role in mainstream financial infra, w/ implications

moshe.orenbuch@tdsecurities.com

across networks, processors & issuers.

David Duka

646 562 1444 What Happened?

david.duka@tdsecurities.com

■New Stablecoin Consortium: Open Standard unveiled Open USD, a new stablecoin

Hoang Nguyen, CFA designed for global money movement, expected to go live later in 2026 (link).

646 562 1337

hoang.nguyen2@tdsecurities.com ■Three Core Principles: 1) No-cost minting & redemption with no volume limits; 2)

Reserve earnings flowing to partners less a management fee; 3) Governance through an

independent company overseen by participating partners.

■Notable Institutional Participation: 140+ businesses have signed up to support Open USD

across payments, banking, fintech, & digital assets. Notable participants include Visa,

Mastercard, Stripe, American Express, Fiserv, Adyen, BlackRock, BNY, Coinbase, Shopify,

Google, Western Union, MoneyGram, Klarna, Affirm, Chime, & many more.

■Economics: Under the proposed structure, partners receive reserve earnings generated by