HTX Ventures' Open USD Report Redefines Stablecoin Revenue and Governance

The recent launch of Open USD (OUSD) by HTX Ventures has sparked significant changes in stablecoin revenue distribution and governance. The report, titled 'Open Infrastructure, Closed Financial Rails: Open USD, Revenue Redistribution, and Participant Governance,' examines the shifts underway in the industry following OUSD's introduction on June 30, 2026.

While blockchain technology has established an open and global technical infrastructure, the next phase of the industry will be determined by how participants contest control rights and allocate economic benefits. The report notes that the technical layer has opened, but the economic layer is only beginning to.

The OUSD design incorporates three key shifts: from fee-based access to subsidized distribution, using reserve yields to offset costs; from bilateral negotiations to network-wide revenue sharing, bringing mid-sized payment companies and regional banks into a unified framework; and from issuer governance to participant governance, giving institutions with business and regulatory responsibility a voice in rule-making.

HTX Ventures notes that the model's viability depends on specific mechanisms, including revenue-sharing rules and governance arrangements. The report concludes that value chain revenue faces redistribution as OUSD's launch is slated for later in 2026.