Open Standard Launches Open USD Stablecoin

Collector Crypt's Revenue Is Recycled Capital | MetaMask's Money Account on Monad

Marco Manoppo & Karon Pangestu
July 01, 2026

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Good Morning.

Visa, Stripe, Mastercard, and 140 other businesses just launched their own stablecoin, fee free and governed by committee, which looks a lot like the card networks deciding they'd rather own the rail than keep paying Circle and Tether for it.

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In Today's Email:

What Matters: Open Standard Launches Open USD Stablecoin 👀
Case Study: Collector Crypt's Revenue Is Recycled Capital 🔎
Governance & Features: MetaMask Launches Money Account on Monad 🦊

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Narratives: Stablecoin Land Grab

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WHAT MATTERS

Open Standard Launches Open USD Stablecoin

State of play: Open Standard debuted Open USD, a stablecoin built and governed by over 140 businesses spanning payments, banking, and crypto, positioning it as a lower cost alternative to existing stablecoin rails.

Open USD offers fee free minting and redemption with no volume caps, targeting businesses that find existing stablecoin fees prohibitive at scale.
Reserve earnings flow to partners by default, minus a small management fee, reversing the typical model where issuers keep reserve yield.
Governance sits with Open Standard, an independent entity run by a partner board rather than a single controlling company.
Backers include Visa, Stripe, Mastercard, PayPal rivals like Western Union and MoneyGram, and banks such as BlackRock and BNY.
Crypto infrastructure players Coinbase, Ripple, Solana, and Circle rival Fireblocks also joined, signaling broad institutional and crypto native buy in.

Why it matters: Fee-free issuance and pass-through reserve yield directly undercut Circle and Tether's core profit model.

Our take: This looks less like a launch and more like payment incumbents moving to commoditize stablecoin rails before crypto-native issuers lock in network effects. Visa and Mastercard have the most to lose from disintermediation, so owning the rail is defensive.

For builders and investors: Watch whether reserve yield pass-through survives the management fee, and whether Circle and Tether respond with fee cuts of their own.

CASE STUDY

Collector Crypt's Revenue Is Recycled Capital

Credits to Pandora Research for the original article.

An on-chain investigation by Pandora Research found that Collector Crypt's $62M in reported revenue closely matches the $58M in fresh deposits from buyers, suggesting the same capital is circulating rather than generating real demand.

The top 100 wallets account for 72% of all deposits, with automated buying patterns like sub-second transaction timing across hundreds of wallets.
A single dust wallet funded 492 buyer wallets with just $7.69 in gas and shares a vanity suffix with the venue itself.
Aggregate buyer PnL sits at negative $28.9M, matching the venue's take almost exactly, indicating no one is winning against the house.
As monthly revenue grew 12x, automated wallets grew their share of dollars from 62% to 90%, the opposite of organic adoption.
The report cannot prove wallet ownership, leaving open whether the team, paid farmers, or bots chasing the CARDS token are behind the activity.

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INSIGHTS

Tread Foundation Announces TREAD Token

State of play: The Tread Foundation is launching TREAD, a fixed-supply token tied to tread.fi's algorithmic and agentic trading platform, with no public sale and a large allocation reserved for past platform users.

Total supply is capped at 100M TREAD on Ethereum with no mint function, and over half is earmarked for community and ecosystem growth.
A portion is reserved for past tread.fi users at no cost, though eligibility and timing details are still pending.
Distribution will run through a Foundation subsidiary rather than the Foundation itself, with no public sale planned.
tread.fi confirmed a Season 1.5 points period bridging the gap before Season 2, which will launch once more TREAD-based utility is built.

FEATURES & GOVERNANCE UPDATE

MetaMask Launches Money Account on Monad

MetaMask debuted Money Account, a self-custodial USD account with integrated yield and card spending, using Monad as its exclusive chain and mUSD as the underlying stablecoin.

The account combines custody, spending, and yield into one mUSD balance, replacing the typical multi-app setup for crypto spend.
Users can earn up to 4% APY through Morpho lending markets, with vault infrastructure from Veda and risk curation by Steakhouse Financial.
Card purchases pull directly from the balance in real time, letting users earn yield until the moment of purchase rather than prefunding a spending pool.
Monad's sub-second finality and consistent gas costs are cited as the technical requirement enabling real-time authorization at checkout.
mUSD is issued by Bridge, a Stripe company, and built on M0 infrastructure, tying the product to established stablecoin issuance rails.

Other notable feature updates:

Echo opens eBTC exploit claims.
Re Protocol opens RE governance.
Midas launches tokenized debt fund.
Strategy unveils $1.25B Bitcoin sale plan.
Derive’s upcoming V3 expands into RWA options.

QUICK BITES

Circle shares sink 16% after Open USD reveal.
Sharplink buys 10,000 ETH, repurchases 2.13M SBET shares.
Trump's financial disclosures show millions in crypto-related income.
Spot bitcoin ETFs record worst month since debut, shedding $4.5B in June.
MetaMask unveils all-in-one Money Account offerings users up to 4% APY.
Visa, Stripe, Coinbase join Open USD stablecoin that shares reserve revenue.
Taiwan passes key crypto law, clearing legal uncertainty for digital asset sector.

NOTEWORTHY READS & MEME

Ethan’s read on Mapping ETH Yield Risk-Return.
Nic Carter’s read on The stablecoin duopoly is ending.
Tiger Research’s read on H1 2026 Global Crypto Hiring Market Analysis.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.