Open USD · 41

Visa is seeking a new stablecoin settlement partner to replace BVNK, which was acquired by Mastercard

Comparatively, according to CoinDesk, Visa is looking for new stablecoin settlement and OTC trading partners to replace BVNK, which was previously acquired by Mastercard. According to the relevant product request documents, Visa hopes that the partner has cryptocurrency exchange licenses in the US, Canada, the United Kingdom and Singapore, and can support various stablecoin exchange and settlement services, including processing the settlement of the Open USD stablecoin project promoted by Stripe, Visa, and Mastercard. Previously, Visa had launched the Visa stablecoin platform to provide banks, fintech companies, and payment service providers with stablecoin access, storage, redemption, and transfer tools, with initial support for OUSD. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

4d agoburnking

eToro releases Q2 earnings report: Crypto business is under pressure, trading volume falls 73% year over year

Comparatively, eToro released its financial report for the second quarter of 2026. The digital asset business showed a marked cooling at the transaction level, but the company continues to promote infrastructure construction for on-chain finance. In terms of transaction data, eToro's crypto asset transaction volume in July was 1.4 million, a year-on-year decrease of 73%; the amount of a single investment in crypto assets was $182, down 50% year over year. Crypto-asset-related revenue for the second quarter was $1,346 million, down from $1.915 billion in the same period in 2025. Despite a decline in revenue from the crypto business, the company's overall net profit increased 77% year over year to $53.48 million. In terms of the crypto strategy, eToro completed the acquisition of digital asset self-custody platform Zengo and Israeli crypto trading platform Bit2C in the second quarter to strengthen self-custody service capabilities and promote the integration of traditional finance and the on-chain economy. At the same time, the company also made a strategic investment in the on-chain perpetual contract platform Extended and became a founding partner of the Open USD stablecoin ecosystem alliance to further enhance on-chain transactions and stablecoin infrastructure. By the end of the second quarter, eToro's crypto holdings were $49.95 million, down from $62.61 million at the end of 2025. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

11d agoburnking

Circle CEO responds to Open USD competition: about 70% of companies interested in participating in the alliance are already Circle partners

Comparatively, during Circle's second-quarter earnings conference call, Citibank analyst Pete Christensen asked about the competitive landscape after the release of the Open USD Alliance and asked how Circle will compete for distribution channels as reserve revenue share gradually becomes the industry standard and Circle is constrained by existing economic arrangements with Coinbase. Co-founder and CEO Jeremy Allaire responded that Circle has signed distribution cooperation agreements with more than 150 companies and often cooperates with Coinbase. One example is that Circle and Coinbase have jointly reached revenue sharing arrangements with Hyperliquid. He added that about 70% of companies that indicated their intention to participate in such alliance projects are already partners of the Circle network. On the day of the earnings report, Circle also announced that Visa and Mastercard will expand cooperation as Arc's critical infrastructure partners.

17d ago

Morgan Stanley cuts CRCL price target from $106 to $38

According to Wall St Engine, Morgan Stanley analyst James Faucette downgraded the Circle (CRCL) rating from Equalweight to Underweight, and the target price was lowered from $106 to $38. Faucette pointed out in the comments that the USDC size contraction revealed the sensitivity of Circle's reserve revenue, meaning that the revenue structure will lean towards transaction revenue with lower profit margins. The bank lowered the 2027 and 2028 USDC sizing assumptions by about 33% and 44%, respectively, resulting in GAAP EPS expectations about 3% and 20% lower than market consensus, respectively. Tokenized money market funds and deposits threaten USDC balances and rates, and USYC's economic structure is weak; the scale of agentic payments (agentic payments) is still negligible, with an average daily transaction volume of only $41,900, with an implied average transaction amount of about $0.24. Open USD introduced a shared governance and reserve economy model, increasing the cost of maintaining USDC distribution.

19d ago

The stablecoin Open USD will be deployed on the Ethereum network on the first day of launch

Comparing news, the Ethereum ecosystem non-profit organization Ethereum Institutional published an article on the X platform stating that the stablecoin Open USD will be deployed on the Ethereum network on the first day of launch. The project has been supported by over 140 institutions, including Visa, Mastercard, Stripe, BlackRock, and Bank of New York Mellon, and all reserve proceeds will go to partners driving its growth.

22d ago

Visa CEO Talks Open USD Competition: Visa Doesn't Just Pick Winners

Comparing news, Visa CEO Ryan McInerney said during an earnings call that Visa's role in the stablecoin field is not to select winners, but to help customers connect to the stablecoin ecosystem safely and on a large scale. Last month, Visa supported Open Standard with more than 140 companies including Stripe, Mastercard, BlackRock, and Coinbase, which plans to launch the stablecoin Open USD (OUSD) later this year. After the announcement, the market speculated that OUSD might challenge Tether's USDT and Circle's USDC. When asked if Visa sees OUSD as a competitor to USDT and USDC, McInerney said Visa will maintain a “multi-currency, multi-chain” strategy in the future and will not bet on a single stablecoin, network, or infrastructure. He said that Visa's goal is to support customers to connect to the stablecoin ecosystem, regardless of what kind of stablecoin, network, or underlying infrastructure is eventually adopted. According to Ark Invest's analysis, Visa is clearly interested in Open USD, but that doesn't necessarily mean it sees OUSD as an exclusive strategic bet. Overall, Visa is more like maintaining open participation at the stablecoin infrastructure level rather than directly standing with a stablecoin issuer.

24d ago

Bernstein adjusted Circle's price target from $190 to $140 and determined that the Open USD threat would abate,

In comparison, Bernstein lowered Circle's price target from $190 to $140 while maintaining an outperforming market rating. Analyst Gautam Chhugani said that the Open USD alliance, which is supported by more than 140 institutions including Visa, Mastercard, and Stripe, poses a lower threat to Circle than market expectations. As of July 28, Circle closed at $64.32. USDC's final supply for the second quarter was around $73 billion, down from $77 billion in the first quarter, and the average supply rose to about $76 billion. The second-quarter SOFR average fell to 3.62%, the return on reserves fell to 3.46%, and reserve revenue rose to approximately $655 million. The USDC balance on Hyperliquid has increased from $5 billion in mid-May to over $6 billion, generating approximately $210 million in annualized gross reserve revenue, of which approximately $190 million was distributed to the exchange under a revenue-sharing agreement. Bernstein lowered the USDC supply forecast for the end of 2026 by 37% to $83 billion and the 2028 forecast to $170 billion; the 2026 adjusted EBITDA forecast was lowered by 12% to $602 million, and the EPS forecast per share was lowered from $1.98 to $0.92. However, the agency predicts that the total stablecoin supply will reach $4 trillion by 2035, and Circle will account for about 30% of the share. Additionally, Circle received final approval from the OCC to establish the Circle National Trust in July. (The Block) This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

24d agoburnking

Visa's Q3 revenue of $11.6 billion increased 14% year over year, revealed stablecoin strategy and joined the OpenStandard Alliance

In comparison, Visa announced financial results for the third quarter of fiscal year 2026, with revenue of US$11.6 billion, an increase of 14% over the previous year. The volume of payment transactions, cross-border transactions, and processing transactions all achieved double-digit growth. During the earnings call, Visa outlined its stablecoin strategy and stated that it is actively investing in all levels of the stablecoin stack, including blockchain, issuance, wallets, infrastructure and applications. The company announced its participation in the OpenStandard consortium, which plans to issue OpenUSD stablecoins for global capital flows. The Visa stablecoin platform will provide partners with stablecoin settlement, on-chain wallet-as-a-service infrastructure, and exchange services between fiat and stablecoins, with initial support for OpenUSD. The platform will also integrate with Pismo to provide tokenized deposit support for financial institutions, and plans to introduce third-party tokenized deposit infrastructure providers in the future. Visa sees stablecoins and AI as complementary technologies, and believes that “smart commerce will expand access to markets and drive future growth.” Cross-border transaction volume increased 13% year over year, and processing volume increased 10%.

24d ago

How can crypto VCs find their next opportunity? Haseeb says “some things never come back”

Author: Wu Says Blockchain Original title: Haseeb on Crypto VC: Sorry, Some Things Will Never Come Back In an interview with MAD Society on July 15, 2026, Dragonfly managing partner Haseeb Qureshi discussed crypto venture capital, founder judgments, and long-term trends in the industry. He believes that the key to venture capital is to seize a few non-consensus opportunities. Excellent founders should have outstanding “peak ability,” but lack of integrity and inconsistent words and actions are clear danger signs. Haseeb also said that it is difficult to form long-term enterprises in the direction of some structured products and the tokenization of individual assets, while the DeFi, stablecoin, payment and prediction markets will continue to exist; in the long run, cryptographic technology will eventually be incorporated into various financial and technology products, and the “crypto company” label may gradually disappear. The audio transcription was done by GPT, there may be errors, please watch the original video at YT. Poker and venture capital: How to establish judgment discipline in a long feedback cycle Haseeb Qureshi: There really isn't much compatibility between poker and venture capital. Poker is very similar to trading because they all have very fast feedback loops that can be iterated very closely and quickly. As soon as you play a hand, you'll know whether you won or lost, and whether your decision was right. But in venture capital, the feedback cycle is very slow. If you invest in a founder, it may take many years before you know if your original judgment was correct. In the first year, you may see some initial signs, such as the company is growing and seems to be starting to gain some market recognition. Even if a company has completed Series A or even Series B financing, it can still suddenly go awry. It may have looked like it was going well for several years, but the founders had a fatal flaw that eventually led them to lose the ball in their final offense in the final game of the season. So the reality is, it's hard to quickly judge whether you're doing a good enough job as a venture capitalist. Many funds raised funds by relying on the early book valuation of their portfolios, but it was only discovered in the end that there were no real winners in the entire portfolio. Let's say you invested in Axie Infinity or OpenSea early on, and you probably thought, “Wow, I'm an amazing investor, I did such a great job.” There are also several funds that have invested in FTX in the early stages. At the time, people would say, “My God, this guy is simply the son of choice in the investment world. Can you believe he participated in the FTX seed round?” But just a few years later, the situation became: “OK, this fund doesn't seem to be anything special now.” Because its brightest star project has already exploded. Venture capital is unique in this regard. This means, first, you must take the initiative to establish a feedback mechanism for yourself, rather than expect the world to give you direct feedback. Because as a venture capitalist, you have to keep learning and improving, but it often takes many years to know whether an investment is successful or not. Therefore, feedback must come more from your judgments about your own performance rather than from external results. For a lot of people, this is very difficult. Another difference between venture capital and poker is that venture capital is a team sport, while poker is a single player game. Of course you're playing cards with other people, but essentially you're facing the entire table alone. That's not the case with venture capital. You can only be successful if the founder you invest in is successful; you can only really win if your fund is successful and the projects carried out by the other partners in the fund are also successful. As a result, venture capital relies heavily on collaboration and interpersonal relationships. But if you're a poker player, you hardly need to care about anyone else in the world. As long as you sit at the table, play properly, and continue to make a profit, you can still be a successful poker player even if you don't have any friends. This is also a very different point between the two. Most really good venture capitalists are really good at dealing with relationships. I don't think I'm particularly good at this, but I'm definitely a lot better than the past and better at building relationships than most traders I know. Most traders don't need that. Just like poker players, they don't need to be friendly, be good at handling relationships, and don't need to have a large network of people. Therefore, the ability to really help you make good venture investments in poker is mainly the ability to think clearly about risk and the ability to control emotions well. I found that a lot of venture capitalists aren't really good at this. They can be very emotional, and it's hard to handle conflict. These two aspects are just right...

26d agoburnking

From USDGO to OUSD: Corporate stablecoins “crossed the billion mark” and are close to 10 billion, what's the difference?

From the Asia-Pacific region and emerging markets to global corporate needs, the compliant digital dollar has quietly entered an era of consolidation where “distribution is king”. By Farmer Frank about corporate stablecoins, the market has been discussing a “about to happen” story for the past few years. There are many versions of this story, but the core context is largely the same: traditional financial institutions are entering the market, compliant stablecoins will become the underlying infrastructure for cross-border payments, and corporate treasury management will also undergo a paradigm shift as a result, and carrying all of this will be a number of new stablecoins involving banks, payment institutions, and technology platforms. Few people question this narrative. In fact, it is precisely because it is so reasonable that the market has given it such high attention and expectations. After all, institutions and enterprises do need a digital dollar that can both enjoy blockchain efficiency and be accepted by finance, compliance, and risk departments. However, most of the past discussions were limited to the future: which institutions are ready to enter the market, what products are about to be launched, and what payment and settlement scenarios are expected to migrate to the chain. Until recently, two clues worth watching have appeared in the market at the same time: On June 30, Open Standard officially announced Open USD (OUSD), bringing together more than 140 financial, payment, technology and crypto companies such as Visa, Mastercard, Stripe, BlackRock, BNY, Google, Coinbase, etc., and plans to officially launch in late 2026; on July 20, press DeFilLama In terms of statistics, USDGO, another enterprise-grade stablecoin, surpassed 1 billion US dollars in circulation, and became the largest dollar-compliant stablecoin operated by Asian stablecoin operators; in a sense, OUSD intends to elevate the demand for corporate stablecoins to a kind of global industry consensus, and USDGO's 1 billion US dollars also provides a realistic sample of this set of consensus with prior reference value. Enterprise stablecoins seem to have entered a new phase of “distribution is king.” 1. I already have USDT and USDC, why do we need “OUSD”? Why does the market need another US dollar stablecoin when USDT and USDC have established huge liquidity networks? This is a cliché topic, and it is also the first threshold that no enterprise stablecoin can bypass. Many discussions in the past have reduced the opportunities for corporate stablecoins to two structural pain points of traditional payment systems: the first is the cost of compliance. Compliance reviews of cross-border capital flows are not one-off, but are embedded in every transaction. The link between anti-money laundering reviews, sanctions list screening, and cross-border reporting and rules between different jurisdictions means more uncertainty; the second is settlement efficiency. A cross-border B2B payment of hundreds of thousands of dollars often requires multiple steps such as message transmission, intermediary banking, foreign exchange, and final payment. The resulting processing fees, foreign exchange spreads, and capital usage costs are often superimposed, and the settlement cycle usually takes several working days; however, in reality, corporate stablecoin opportunities have never only come from existing stablecoins being “not compliant enough” or traditional payment systems “not fast enough”. The deeper reason is that the way and standards for enterprises use capital are fundamentally different from how crypto users use stablecoins. You need to know that in the crypto market, stablecoins are first and foremost a type of liquid asset. Among them, exchanges are responsible for providing transaction entrances, wallets and blockchains to handle transfers, and DeFi protocols provide borrowing, market making, and revenue scenarios. This also means that as long as a stablecoin has sufficient trading pairs and on-chain liquidity, users will naturally choose it. However, a multinational enterprise will not migrate supplier payments, merchant settlement, and treasury management to the chain simply because certain stablecoin transfers are faster; it also needs to handle issuer risk, subscription and redemption, fiat currency exchange, technology integration, accounting processing, liquidity management, and regulatory requirements in different markets. To put it bluntly, what companies are really concerned about is a whole set of issues, such as who is the issuer in the legal sense of the word? Who manages reserve assets? Can large subscriptions and redemptions be successfully completed? How to exchange fiat and stablecoins? Can financial costs be optimized? How to connect to the original financial system? How to complete customer identification, anti-money laundering, sanctions screening, and accounting processing? In addition to this, from the perspective of economic benefits, the traditional stablecoin model formed for the crypto trading market may not necessarily be replicated unchanged in the field of corporate payments. In the past model, Tether/Circ...

29d agoWeb3 农民 Frank#stablecoins