Stablecoin Market Shifts to Distribution Wars

The stablecoin market has shifted from issuance to distribution, where control of payment rails, merchant integrations, and regulatory licenses determines where a stablecoin can be spent.

Recent events mark this transition, with Open USD assembling 140 major companies into a consortium designed to collectively control distribution. HKDAP launched through a B2B2C model treating distributors as primary customers. World Liberty Financial obtained a bank charter allowing it to vertically integrate issuance and custody under a single entity.

The stablecoin market is currently a duopoly with challengers, controlled by Tether's USDT (59% market share) and Circle's USDC (24%). Open USD aims to build a network of places where its token can be used, distributing reserve earnings to its 140+ partners minus a management fee.

The consortium model has precedent outside stablecoins, with Visa and Mastercard starting as consortia before converting to publicly traded companies. HKDAP operates under the Hong Kong Monetary Authority's Stablecoins Ordinance, giving Anchorpoint a regulatory first-mover advantage in Asia's most important financial hub.