StableCoin

USYC and BUIDL are both tokenized Treasury funds within the Real-World Asset (RWA) space, offering yield exposure to investors primarily through holdings in U.S. Treasuries and money market instruments. USYC, driven by Circle’s ecosystem, emphasizes integration with USDC and on-chain financial infrastructure. In contrast, BUIDL, launched by BlackRock, focuses on channeling traditional institutional capital into the blockchain market.

The key distinction between USYC and USDC lies in their asset attributes and purposes. USDC is a stablecoin maintaining a 1:1 peg to the U.S. dollar, primarily used for payments, trading, and on-chain settlement. USYC, conversely, is a tokenized money market fund whose underlying assets are U.S. Treasuries and money market instruments; its value reflects yield through the growth of its net asset value (NAV).

USYC serves primarily for institutional fund management, DAO Treasury management, on-chain collateral, trading margin assets, and real-world asset (RWA) allocation. As a tokenized fund underpinned by U.S. Treasuries and money market instruments, USYC offers on-chain funds a management approach that delivers both liquidity and yield.

USYC (US Yield Coin) is a tokenized money market fund launched by Circle. Its underlying assets consist primarily of short-term U.S. Treasury bills and reverse repurchase agreements. Unlike USDC, which maintains a 1:1 peg to the U.S. dollar, USYC aims to pass the yield generated by its underlying assets through to the token’s net asset value while preserving high liquidity.

MiCA (Markets in Crypto-Assets Regulation) is the EU’s unified regulatory framework for crypto assets, with stablecoins subject to some of the strictest oversight. It requires stablecoin issuers to meet requirements for reserve asset management, user redemption rights, disclosure, and risk control, and divides stablecoins into two categories: Electronic Money Tokens (EMTs) and Asset-Referenced Tokens (ARTs). For major stablecoins like USDT and USDC, MiCA does not ban their circulation in European markets but instead mandates that issuers adhere to EU regulatory standards.

Open USD (OUSD) is a stablecoin pegged 1:1 to the US dollar, developed and managed by Open Standard to serve global enterprise capital flow needs. OUSD is designed as an open, cost-efficient, and high-throughput stablecoin infrastructure, enabling adoption across payment networks, financial institutions, fintech companies, and blockchain platforms.

MoneyGram, a leading international remittance service provider, has recently introduced the MGUSD USD stablecoin, deploying it on the Stellar blockchain network. By integrating this stablecoin into its proprietary application, MoneyGram seeks to empower users to hold digital dollars, facilitate global fund transfers, and convert to local fiat currencies. This initiative underscores the cross-border payments industry's ongoing shift toward incorporating blockchain technology and stablecoins as foundational infrastructure.

As stablecoins continue to play a crucial role in global payments and cross-border remittances, an increasing number of payment institutions are building their own digital dollar ecosystems. MGUSD, introduced by MoneyGram, stands out as a key case combining blockchain technology, stablecoins, and cross-border payment solutions.

As stablecoins continue to establish themselves as essential infrastructure for global payments, more and more payment providers are investing in digital dollars and blockchain technology. MoneyGram’s introduction of MGUSD signifies not only the launch of a new USD stablecoin, but also highlights the payment industry’s ongoing shift toward digitalization, real-time transactions, and integrated cross-border solutions. This article examines MGUSD’s position in cross-border finance from the perspective of the global payments ecosystem, and explores how MoneyGram leverages infrastructures like Stellar, Bridge, and Stripe to collaboratively build the next generation of stablecoin payment networks.

Cap’s use cases center on stablecoin aggregation, USD yield generation, on-chain credit markets, and institutional fund management. Leveraging core modules including cUSD, stcUSD, Vault, and Delegation, Cap aims to create a unified on-chain USD asset layer that bridges the yield market with the risk management framework.

CAP token is the native governance asset of Cap Protocol, used primarily for protocol governance, parameter management, Operator access coordination, and ecosystem incentives. CAP does not function as a stablecoin; rather, it connects protocol participants with the governance decision-making system.

Cap (CAP) is an on-chain financial protocol designed around stablecoin aggregation, yield generation, and risk coordination. Through its modules—cUSD, stcUSD, Vault, Lender, and Delegation—it unites stablecoin liquidity, yield demand, and security safeguards within a unified ecosystem.

OUSD (Open Standard), USDC (Circle), and USDT (Tether) differ fundamentally in governance and economic models. OUSD employs collaborative governance through a partner board, offers zero mint/redeem fees, and allocates reserve yields to ecosystem partners. In contrast, USDC and USDT are managed by single issuers who make unilateral decisions, generally impose mint/redeem fees, and retain reserve yields for themselves. While all three stablecoins are pegged to the US dollar, their mechanisms serve different roles in large-scale enterprise capital flows.

The main distinction between OUSD (Open Standard) and USDG (Global Dollar Network) centers on their governance and issuance frameworks. OUSD is overseen by Open Standard, an independent operating company, with collective decision-making involving a partner board and a focus on zero mint/redeem fees, supported by a network of more than 140 founding enterprise partners. In contrast, USDG operates under the licensed issuance framework of Paxos, with the Global Dollar Network (GDN) defining partner roles and Rendite rules; USDG launched in November 2024. Both tokens direct reserve Rendite toward ecosystem partners that drive adoption, but they differ in issuer structure, regulatory approach, and stages of network expansion.

Integrating Open USD means adopting OUSD as a core transactional asset layer on a platform or service, selecting modules by role (financial institution, PSP, exchange, or platform), and completing mint/redeem, settlement, and compliance connectivity. Joining Open Standard provides technical documentation, integration support, and eligibility for Hold, Mint, and Accept-based revenue sharing; after launch, reserve disclosures and on-chain reconciliation verify operational status.