140-Company Consortium Unveils Open USD
Plus, Securitize clears its merger to become the first publicly traded tokenization company.
- Open USD debuts as a 140-company consortium
- Securitize clears its merger
- Magic Eden and its founders are sued
- Lighter will burn repurchased LIT and fund staking from its reserve
- Machi Big Brother's Hyperliquid losses top $80M
- Cosmos Labs Acquires Mintscan and Team (Partner)
- Inside DTCC's Move to Stellar (Partner)
A 140-company consortium wants to disrupt Circle and Tether’s money printing machine.
Open Standard, a group of more than 140 financial and technology firms whose backers include Visa, Mastercard, BlackRock, and Coinbase, unveiled Open USD, a partner-governed stablecoin whose reserve earnings and governance go to the businesses that adopt it, spreading economics a lone issuer normally keeps. OUSD is slated to launch later in 2026.
The design targets the exact reason banks and fintechs have hesitated to push existing stablecoins: adopting one hands the float and the customer relationship to a competitor. By pooling issuance and returning the yield to distributors, the consortium is betting that shared economics pull adoption that a single issuer's brand cannot. Whether 140 members can agree on governance is a harder test.
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Open Standard Unveils Open USD, a Bank- and Tech-Backed Stablecoin Governed by Its Users
Open Standard, a consortium of more than 140 financial and technology companies, introduced Open USD, a dollar stablecoin governed by its users. Reserve earnings and governance go to the businesses that adopt OUSD, spreading economics a single issuer normally captures; backers include Visa, Mastercard, BlackRock, and Coinbase. The token is slated to launch later in 2026.
Securitize Shareholders Approve Merger, Paving Way for First Publicly Traded Tokenization Company
Cantor Equity Partners II shareholders approved the business combination with Securitize, clearing the tokenization platform behind BlackRock's BUIDL fund to close July 1 and list on the NYSE on July 2 under ticker SECZ — the first publicly traded tokenization company in the US.
Magic Eden, Founders Sued by $ME Buyers Over Broken 'Utility' Promises
A nationwide class action in New York accuses Magic Eden and its four co-founders of marketing the $ME token's use cases, then delaying or abandoning them as the token fell roughly 99% from launch. The suit adds the NFT marketplace to a growing list of token issuers facing US investor litigation over unmet utility promises.
Lighter to Burn Repurchased LIT, Fund Staking from Ecosystem Reserve
Lighter, the perpetuals exchange, will start burning the LIT it buys back with revenue and tap its token reserve to keep staking yields flowing. The switch turns fee revenue into a supply sink for LIT while the ecosystem reserve underwrites staking rewards during the transition.
Machi Big Brother's Hyperliquid Losses Top $80M as He Sells Bored Apes for Margin
Machi Big Brother's losses on Hyperliquid topped $80 million after his latest Ethereum liquidation, the first in a months-long losing streak to hit without a fresh deposit backstopping it. The trader has been selling Bored Apes to raise margin as the position bled onchain.
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