HTX Ventures, the global investment arm of HTX, published a report on Aug. 13, 2026, titled Open Infrastructure, Closed Financial Rails: Open USD, Revenue Redistribution, and Participant Governance, analyzing how Open USD (OUSD) could reshape stablecoin revenue distribution and governance following its June 30, 2026 unveiling.
The report argues that while blockchain infrastructure is open, economic benefits remain concentrated among issuers that collect reserve yields from cash and short-term Treasuries. It says the next industry phase will be defined by contests over control rights and economic benefit allocation.
Under Open Standard’s framework, enterprises can mint and redeem OUSD without fees or volume limits. Open Standard will charge a small management fee, while remaining reserve yields are earmarked for partners that adopt and promote OUSD and select board participants. The partner roster exceeds 140 entities, including Visa, Mastercard, American Express, Stripe, Coinbase, BlackRock, and BNY.
HTX Ventures identifies three shifts: from fee-based access to subsidized distribution; from bilateral negotiations to network-wide revenue sharing; and from issuer governance to participant governance. OUSD is slated for launch later in 2026, and the report notes it shares the OUSD code with Origin Protocol’s Origin Dollar from 2020, though they are distinct products.
The report also highlights that Visa’s stablecoin settlement pilot reached an annualized run rate of about $7 billion across nine blockchains by April 2026, while Swift, Canton Network, Fnality, and Project Agorá are exploring tokenized deposits and central bank money settlement.
HTX Ventures cautions that execution details will determine whether the model holds, particularly how revenue-sharing rules weigh balance retention, real payment volume, new customers, and regional compliance. It concludes that stablecoin competition will move beyond issuance scale toward network value, infrastructure revenue sharing, customer and data retention, and operating rules.
