Open USD Brings Cavalry to Further Stablecoin Push Into Financial Mainstream

研报英文原文证据摘录

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