Open USD Redefines Stablecoin Ecosystem with Revenue Redistribution

HTX Ventures, the global investment arm of HTX, has released a report titled Open Infrastructure, Closed Financial Rails: Open USD, Revenue Redistribution, and Participant Governance. The report examines the shifts underway in stablecoin revenue distribution, channel relationships, and governance following the unveiling of Open USD (OUSD) on June 30, 2026.

The industry's next phase will be determined by how participants contest control rights and the allocation of economic benefits. While blockchain technology has established open, global, and programmable technical infrastructure, the economic layer is only beginning to take shape.

Stablecoins have moved from settlement tools within crypto trading into instruments for cross-border payments, corporate treasury management, and institutional back-office clearing. The report finds that issuers currently capture revenue mainly through bilateral commercial agreements, where bargaining power depends heavily on their own user scale.