Morning Minute: Major New Stablecoin Launch Shakes Incumbents

Morning Minute is a day by day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. And check out our new daily news show masking all the high tales in 5 minutes, downloadable on Apple Pod or Spotify.

GM!

Immediately’s high information:

• Crypto majors are barely crimson, Solana leads; BTC at $58.5k
• 140 companies crew up for Open USD launch, taking intention at Circle and Tether
• CRCL inventory falls 17% in wake of Open USD launch
• Trump disclosure reveals $1.2B in crypto earnings; $50M+ in BTC holdings
• Citi cuts its 12-month BTC value goal from $112k to $82k, cites ETF flows, sluggish regulatory progress and DAT issues

💵 Open USD Launches With 140+ Backers, Taking Purpose at Circle and Tether

Open Commonplace, a brand new firm led by Zach Abrams, launched Open USD as a stablecoin for international cash motion going stay later this yr.

It’s bought severe backing from the heaviest hitters in funds, finance and commerce. Greater than 140 companies signed on, together with Visa, Mastercard, Stripe, BlackRock, BNY, Google, Shopify, and DoorDash, alongside a lot of crypto itself like Coinbase, Solana, Ripple, OKX, and Aave.

And its launch is a direct shot at Circle and Tether. Open USD provides all the facility again to the companies by

• letting companies mint and redeem at no cost with no quantity caps
• handing all of the earnings on its reserves again to companions minus a small administration charge
• being ruled by a board of these companions somewhat than a single firm.

That assaults the incumbents’ most worthwhile characteristic, since the true cash in stablecoins is the yield on the Treasurys backing them, and Circle and Tether hold practically all of it. Stripe’s president mentioned Open USD will turn out to be the default stablecoin for companies on its platform.

The market reacted strongly, with CRCL inventory dropping 18% on the day. And it’s fairly apparent why. An enormous a part of the stablecoin progress story that Circle benefited from was based mostly on enterprise and institutional progress. Now these customers shall be closely incentivized to make use of OUSD over USDC. The bull case for Circle is the “rising tide” thesis, however that’s wanting a bit shaky—not less than proper now. Count on OUSD to be an actual stablecoin participant as quickly because it’s up and operating…

🇺🇸 Trump Discloses Over $1.2 Billion in Crypto Earnings

President Trump’s annual monetary disclosure, launched Tuesday by the Workplace of Authorities Ethics, revealed more than $1.2 billion in earnings from his crypto ventures in 2025. The report runs over 900 pages, and crypto sits among the many largest line gadgets in it.

The majority of the $1.2B in earnings got here from two sources. Trump earned simply over $635 million from his memecoin alone, nearly completely as royalties tied to a licensing settlement with Celebration Cash. The TRUMP token launched on Solana days earlier than he retook workplace in January 2025, rocketed to $75 and a $75B greenback market cap inside 3 days earlier than promoting off. Now it trades round $1.66 at a $394 million market cap, down roughly 98% from its all-time excessive.

The opposite main piece was greater than $588 million in web proceeds from token gross sales distributed by World Liberty Monetary, the household’s DeFi and stablecoin enterprise. He additionally reported holding over $50 million in Bitcoin and between $5 million and $25 million in Ethereum, amongst different digital property.

The disclosure re-raises the conflict-of-interest questions shadowing the administration. The president is actively shaping US crypto coverage whereas his household earnings immediately from the business these guidelines govern. It feeds straight into the CLARITY Act battle, the place Democrats are pushing to bar the president and his household from crypto companies as a situation for passing the invoice. This new headline actually will make the Dems dig their heels within the floor, and odds of the invoice passing dropped 10% on the day to 39%.

Sadly, we probably haven’t felt all the consequences of these $1.2B in crypto earnings but. Count on extra ache to return…

🌎 Macro Crypto and Markets

• Crypto majors are barely crimson; BTC -1% at $58.5k; ETH -1% at $1,570; SOL +2% at $75; HYPE -5% at $62.60
• JUP (+16%), WBT (+14%) and  XLM (+12%) led high movers
• Oil -1% at $69; Gold even at $4,040
• Inventory futures are barely crimson after the strongest H1 in 5 years; DOW -0.2%, Nasdaq -0.4%
• Binance and CZ were sued for nearly $200 million by British investors in a brand new UK lawsuit, per Reuters, tied to claims involving the FCA
• Citi cut its 12-month price targets for Bitcoin from $112k to $82k and ETH from $3,175 to $2,240, citing outflows, sluggish regulatory progress and DAT issues
• TD Cowen cut Strategy’s price target by 35%, citing the corporate’s new framework that opens the door to promoting Bitcoin
• The SEC opened a 60-day comment period on novel ETFs, asking 27 questions on the way it ought to deal with funds constructed round crypto property, occasion contracts, and different nontraditional holdings, after pausing roughly two dozen prediction-market ETF filings
• New York Life Funding Administration teamed with Centrifuge for a tokenized bond fund, bringing one in every of America’s largest asset managers additional into onchain real-world property
• CRCL was removed from a number of Russell Development Indexes within the annual reconstitution course of in June

Company Treasuries & ETFs

Meme Coin Tracker

• Meme leaders were mixd; DOGE even, SHIB even, PEPE -3%, PENGU +2%, TRUMP +3%, BONK even
• canine (+85%), Nest (+100%) and Testibull (+175%) led movers on Solana
• Base movers included Test (+21%) and REI (+27%)

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

🚚 What is occurring in NFTs?

• NFT leaders have been largely flat; Punks -1% at 31 ETH, BAYC +1% at 8.82 ETH, Pudgy -1% at 4.45 ETH; Hypurr’s -3% at 217 HYPE
• Racerz (+47%) and MetaWinners (+20%) led high movers
• The sturdy week for Punk gross sales continued with a number of above-floor buys up to now day, together with a 100 ETH Cowboy sale