Major Stablecoin Launch Disrupts Market

Open USD Launches With 140+ Backers, Targeting Circle and Tether

Open Standard, a new company spearheaded by Zach Abrams, has launched Open USD, a stablecoin designed for global money movement that will go live later this year. The initiative boasts significant backing from major players in the payments, finance, and commerce sectors, with over 140 businesses signing on. Notable supporters include Visa, Mastercard, Stripe, BlackRock, BNY, Google, Shopify, and DoorDash, alongside prominent cryptocurrency entities such as Coinbase, Solana, Ripple, OKX, and Aave.

The launch is positioned as a direct challenge to Circle and Tether. Open USD aims to return control of funds to businesses by offering them a greater share of the yield generated from the U.S. Treasuries that back the stablecoin. This move directly targets the core revenue stream of incumbent stablecoins, as the primary profit for stablecoins lies in the interest earned on their reserves. Currently, Circle and Tether retain the vast majority of this yield. Stripe’s president indicated that Open USD is expected to become the default stablecoin for businesses on its platform.

The market has responded sharply to the announcement, with CRCL stock experiencing an 18% decline. This reaction is largely attributed to the potential shift in institutional adoption. A significant portion of Circle’s growth in the stablecoin market has been driven by business and institutional clients. With Open USD offering a more attractive yield-sharing model, these users are now heavily incentivized to opt for OUSD over USDC. While Circle’s bull case has relied on a “rising tide” scenario for the broader market, this development suggests that thesis may be facing headwinds. Open USD is anticipated to emerge as a significant player in the stablecoin market once fully operational.

Trump Discloses Over $1.2 Billion in Crypto Earnings

President Trump’s annual financial disclosure, released Tuesday by the Office of Government Ethics, revealed earnings exceeding $1.2 billion from his cryptocurrency ventures in 2025. The extensive 900-page report lists cryptocurrency as one of the largest income sources.

The majority of these earnings stemmed from two primary sources. Trump reportedly generated just over $635 million from his memecoin alone, primarily through royalties derived from a licensing agreement with Celebration Coins. The TRUMP token, launched on Solana shortly before his return to office in January 2025, experienced a rapid surge, reaching $75 and a market capitalization of $75 billion within three days before a subsequent sell-off. It is currently trading around $1.66 with a market cap of $394 million, representing a decline of approximately 98% from its peak.

Another substantial contributor was over $588 million in net proceeds from token sales distributed by World Liberty Financial, the family’s venture into decentralized finance and stablecoins. The disclosure also indicated holdings of over $50 million in Bitcoin and between $5 million and $25 million in Ethereum, among other digital assets.

This disclosure reignites concerns about potential conflicts of interest within the administration. The President is actively involved in shaping U.S. cryptocurrency policy while his family directly benefits from the industry these regulations govern. This situation intensifies the debate surrounding the CLARITY Act, a proposed bill that Democrats are pushing to prohibit the President and his family from engaging in cryptocurrency businesses as a condition for its passage. The latest financial disclosures are expected to strengthen the Democrats’ stance, with the odds of the bill passing reportedly decreasing by 10% to 39% on the day. The full impact of these substantial crypto earnings may not yet be fully realized, with further repercussions anticipated.