Perlin’s Ponderings

Research evidence excerpt

Perlin’s Ponderings

RBC Capital Markets, LLC

Daniel R. Perlin, CFA (Analyst)

(410) 977-0821, daniel.perlin@rbccm.com

Matthew Inglis (AVP)

(212) 558-0412, matthew.inglis@rbccm.com

Company Ticker Rating

July 1, 2026

Affirm AFRM SP

Broadridge Financial BR OP Perlin’s Ponderings

Corpay CPAY SPRESEARCH A daily digest of commentary and news Fidelity National Info FIS OP

Quick summary: stablecoins; tokenization; digital payments Fiserv FISV OP

Flywire FLYW OP

Stablecoins Shift4 Payments FOUR OP

Several firms across financial services, payments, and commerce have

come together to form Open Standard, who will issue its own US Global Payments GPN SP

dollar-backed stablecoin, known as Open USD. The group will be led HealthEquity HQY OP

by Zach Abrams, the co-founder and chief executive officer of the Jack Henry JKHY OPEQUITY Lightspeed LSPD OP Stripe-owned stablecoin infrastructure company Bridge. Earnings from

the reserves backing Open Standard’s token will be shared among the Mastercard MA OP

venture’s partners, minus a “small management fee” to cover Open USD’s PicS N.V. PICS OP

operational costs. Notably, Circle, Tether, and PayPal (PYPL: rated OP), who Paysafe PSFE SP

issue their own stablecoins are not part of the new organization. Source: PayPal PYPL OP

Bloomberg Q2 Holdings QTWO SP

Tokenization Rocket Cos RKT R

New York Life Investment Management is partnering with Centrifuge to SS&C SSNC OP

offer a high-yield corporate bond strategy on the blockchain, creating Toast, Inc. TOST SP

the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio. Visa V OP

Investors will be able to buy through tokens issued on Centrifuge's NCR Voyix VYX OP

platform, with subscriptions and redemptions settled in the stablecoin Wealthfront WLTH OP Western Union WU SP

USDC.