Open USD Debuts With Backing From Visa, Stripe & Coinbase

Visa, Stripe, Mastercard, BlackRock, Coinbase and more than 140 companies joined Open Standard to launch Open USD (OUSD), a stablecoin that shares most reserve income with participating businesses. Open Standard says companies will mint and redeem the token without fees or volume limits.

The stablecoin is expected later this year and will be managed by an independent organization with governance shared across partner firms. Open USD enters a crowded stablecoin market where payment networks, banks and crypto companies are racing to control settlement rails.

Partner companies are expected to use Open USD as a payment asset inside their products, receive integration support and earn revenue based on adoption. The structure differs from single-issuer stablecoins by distributing reserve earnings after a management fee rather than leaving most income with one operator.

Participants include American Express, Discover, BNY, Standard Chartered, Google, Shopify, IBM, Bybit, OKX, MetaMask, Ripple and Galaxy. Mastercard’s Jorn Lambert framed shared infrastructure as central to stablecoin adoption, while Stripe’s Will Gaybrick said Open USD is intended for businesses using Stripe.

The project arrives after the GENIUS Act pushed stablecoin competition deeper into regulated finance, raising the stakes for reserve design and issuer economics. If Open USD gains use, its revenue-sharing model could pressure incumbents by making distribution partners direct beneficiaries of stablecoin float.

CZ Says Binance MiCA Bid Neared Approval

Binance founder Changpeng Zhao said the exchange’s MiCA application in Greece was fully compliant and close to approval before unnamed political forces intervened. He described the withdrawal as a loss for Binance and Europe, arguing two EU countries had wanted the application.

CZ did not confirm speculation that ECB President Christine Lagarde helped block the application, saying he had seen similar claims online but no documents. Binance withdrew the Greek bid before the July 1 deadline and said it would pursue authorization in another EU state.

FCA Finalizes UK Crypto Rules for 2027

The UK Financial Conduct Authority published final crypto rules covering trading platforms, custodians, stablecoin issuers, intermediaries and staking providers. Firms will need authorization before the mandatory regime begins on October 25, 2027, with applications opening between September 30, 2026, and February 28, 2027.

The framework adds capital, stress-testing, market-abuse and disclosure requirements, while stablecoins receive separate standards after industry feedback softened some provisions. UK crypto firms will fall under consumer-protection rules, and retail customers will gain access to the Financial Ombudsman Service for the first time.

Australia Crypto Travel Rule Adds Transfer Checks

Australia’s crypto travel rule will require regulated exchanges to collect extra information on all transfers to and from their platforms from July. Users will provide details such as recipient names and platform names, while self-custody withdrawals require confirmation that the wallet belongs to them.

The rule has no minimum threshold, meaning even small transfers trigger data collection, unlike the US $3,000 reporting floor. Local platforms such as Kraken and CoinJar have already started implementation, aligning Australian crypto exchanges with financial-crime rules used across the US, UK, Singapore and Japan.

Data of the Day

Public Citizen said crypto companies have contributed about $189 million to the 2026 US election cycle, representing roughly 37% of all corporate contributions. The report said Fairshake spent more than $82 million, while MAGA Inc., largely backed by CryptoCom, spent more than $56 million.

The watchdog said crypto-aligned super PACs are supporting and opposing candidates across both major parties, extending a 2024 strategy that helped elect pro-crypto lawmakers. Fairshake and affiliates backed by Coinbase and Ripple reported a $193 million war chest earlier this year, with state primaries drawing fresh spending.

More Breaking News

• Crypto founders are weighing Dubai before MiCA’s July 1 deadline, as UAE lawyers report more than 120 weekly setup inquiries from Europe.
• The SEC opened a 60-day review of ETF rules, potentially widening access for novel products tied to crypto, event contracts and single-stock strategies.
• MetaMask launched Money Account on Monad, combining stablecoin yield, payments and trading with variable returns routed through DeFi lending protocols.
• OKX AI launched an AI agent marketplace where bots can find work, build reputation and receive USDT or USDG stablecoin payments.
• Sharplink bought 10,000 ETH for about $16 million, its first Ethereum purchase this year, while SBET trades 88% below its high.
• Kalshi received a 14-day Michigan restraining order blocking sports contracts, with fines set at $120,000 per noncompliant day.
• Bitcoin’s 52-week correlation with USD/JPY fell to negative 0.90, suggesting dollar strength may be driving both BTC and yen moves.
• Ark Invest bought Coinbase, Circle, Bullish and Robinhood shares worth roughly $16.9 million combined as crypto-linked stocks rallied.

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