Thoughts on Open Standard Announcement, Coinbase Partnership, and Composition of Stablecoin Activity

Research evidence excerpt

Thoughts on Open Standard Announcement, Coinbase Partnership, and Composition of Stablecoin Activity

Update

June 30, 2026 07:08 PM GMT

Morgan Stanley & Co. LLCMCircle Internet Group Inc. | North America James E Faucette

Equity Analyst

Thoughts on Open Standard James.Faucette@morganstanley.comMichael N Infante +1 212 296-5771

Michael.Infante@morganstanley.com +1 212 761-4631

Announcement, Coinbase Meryl R Thomas, CFA

Research Associate

Meryl.Thomas@morganstanley.com +1 212 761-0774

Partnership, and Composition of Shefali Tamaskar

Shefali.Tamaskar@morganstanley.com +1 212 761-4948

Stablecoin Activity

Circle Internet Group Inc. (CRCL.N, CRCL UN)

What happened? Earlier this morning, Open Standard announced Open USD, a new Payments and Processing | United States of America

US dollar-backed stablecoin for global money movement, backed by a broad Stock Rating Equal-weight

Industry View Attractive

consortium of more than 100 fintechs, payment networks, banks, crypto firms, and Price target $106.00

Shr price, close (Jun 29, 2026) $75.96

technology platforms, including Visa, Stripe, BNY, BlackRock, Klarna, Chime,

Mkt cap, curr (mm) $22,138

Alphabet, Coinbase, Mastercard, Shopify, DoorDash, Corpay, and others. The 52-Week Range $262.80-49.90

stablecoin is expected to go live later this year, with partners planning to integrate it

into their systems. The stated goal is to build a stablecoin that is open, low-cost,

high-volume, broadly accessible, and better aligned with business users by enabling

free minting and redemption, shared reserve economics, and collaborative

governance through an independent Open Standard entity.

Open Standard looks like a competitive risk for Circle from both a governance

perspective...Open USD appears predicated on collaborative governance, with Open