HTX Ventures Report Reveals Shifts in Stablecoin Revenue Distribution with Open USD
The global investment arm of HTX has released a report on the shifts in stablecoin revenue distribution, channel relationships, and governance following the unveiling of Open USD (OUSD) in June 2026.
According to the report, while blockchain technology has established open infrastructure, the industry's next phase will be determined by how participants contest control rights and the allocation of economic benefits. The technical layer has opened; the economic layer is only beginning to.
The report examines OUSD's design, which includes three institutional shifts: from fee-based access to subsidized distribution using reserve yields to offset customer acquisition costs; from bilateral negotiations to network-wide revenue sharing among payment companies, regional banks, and wallets; and from issuer governance to participant governance, giving institutions a voice in rule-making.
The report highlights the importance of execution details, including revenue-sharing rules that determine who captures value. A workable mechanism would weigh balance retention, actual payments, new customers, and regional compliance investments together. The governance arrangement likewise rests on what the board can actually decide, not on how many institutions appear on the roster.