BlackRock-Backed OpenUSD Stablecoin Sparks Market Turmoil
A new stablecoin called OpenUSD has emerged, threatening to disrupt the issuer-centric profit structure of the $315 billion stablecoin market. Spearheaded by Stripe, OpenUSD shares reserve interest income with distribution partners, a model that could fundamentally reshape the value chain.
The consortium backing OpenUSD includes global financial and tech giants such as BlackRock, Google, Visa, Mastercard, and Coinbase. However, several named companies, including Samsung Electronics and Shinhan Financial Group, have denied participation, casting doubt on the credibility of the consortium.
Circle's stock price plummeted by over 17% following the announcement, as the market reassessed the potential shift in value chain dynamics from issuers to distributors. This development has raised questions about the long-term sustainability of issuer-centric models and the future of stablecoins.