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

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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