Visa, Mastercard, BlackRock, Coinbase, and 140+ other institutions jointly launched the stablecoin Open USD. Its economic model is worth a closer look: reserve yields are shared with partners, and enterprises can mint and redeem at zero cost. In the past, stablecoin profits were highly concentrated—Tether and Circle held thousands of billions of dollars in reserves, but the interest was not shared. Open USD writes the profit distribution into the protocol, governed by the Open Standard and a board of partner directors. This is essentially Wall Street using consortium chain logic to reshape how profits are allocated. Circle’s share price fell by more than 13% in a single day, as the market voted. But analysts point out that building network effects is harder than wooing big-name brands. USDC already has thousands of partners, cross-chain interoperability, and a mature payments pipeline. Open USD’s challenge is whether it can get enterprises to migrate in a real sense. The stablecoin track is shifting from “winner-takes-all” to “alliance factionalism.” Regulation, network effects, and profit distribution are becoming new competitive dimensions. Risk: if it cannot quickly form deep liquidity, it may just be an “expensive toy for institutional alliances.”