Morning Minute: The launch of new stablecoins shakes existing companies

Morning Minute is a daily newsletter written by Tyler Warner. The analyzes and opinions expressed are his own and do not necessarily reflect the views of Decrypt. And cCheck out our New daily news show Covers all the top stories in 5 minutes, and can be downloaded on Apple Pod or Spotify.

GM!

Today’s most important news:

• The major cryptocurrencies are slightly red, led by Solana; Bitcoin at $58.5 thousand
• 140 companies are teaming up to launch Open USD, targeting Circle and Tether
• CRCL stock fell 17% in the wake of the Open USD launch
• Trump Reveal Shows $1.2 Billion in Cryptocurrency Earnings; $50 million+ in BTC holdings
• Citi cuts 12-month BTC price target from $112k to $82k, citing ETF inflows, slow regulatory progress and DAT concerns

💵 Open USD launched with over 140 backers, targeting Circle and Tether

Open Standard, a new company led by Zack Abrams, Launched open dollar your Stable coin Global money movement will begin later this year.

It has received serious support from the largest speculators in the field of payments, finance and trade. More than 140 companies have signed up, including Visa, Mastercard, Stripe, BlackRock, BNY, Google, Shopify, and DoorDash, along with many of the cryptocurrencies themselves such as Coinbase, Solana, Ripple, OKX, and Aave.

It’s a direct shot at Circle and Tether. Opening USD gives all the power to companies through

• Allowing companies to mine and recover for free with no maximum size limits
• Hand over all profits from its reserves to partners, minus a small management fee
• It is governed by a board of directors of these partners rather than a single company.

This attacks the most profitable advantage that incumbents have, since the real money in stablecoins is the yield on the Treasuries that back them, and Circle and Tether hold almost all of that. Stripe’s president said Open USD will become the default stablecoin for businesses on its platform.

The market reaction was strong, with CRCL stock losing 18% on the day. And it’s pretty clear why. Much of the stablecoin growth story that Circle has benefited from has been based on business and enterprise growth. Now these users will be highly incentivized to use OUSD instead of USDC. The argument supporting Circle is the “rising tide” thesis, but this seems a bit fragile – at least for now. Expect OUSD to become a real stablecoin player once it is up and running…

🇺🇸 Trump reveals more than $1.2 billion in cryptocurrency profits

President Trump’s annual financial disclosure, released Tuesday by the Office of Government Ethics, It revealed profits of more than $1.2 billion Of his projects in the field of cryptocurrencies in 2025. The report is more than 900 pages long, and cryptocurrencies are among the largest items in it.

The bulk of the $1.2 billion in profits came from two sources. Trump earned just over $635 million from his memecoin alone, almost entirely due to royalties tied to a licensing agreement with Celebration Coins. The TRUMP token was launched on Solana days before he regained office in January 2025, and rose to $75 and a market cap of $75 billion within 3 days before the sale. It now trades at about $1.66 with a market cap of $394 million, down about 98% from its all-time high.

The other major piece was more than $588 million in net proceeds from token sales distributed by World Liberty Financial, the family’s DeFi and stablecoin project. He also reported that he owns more than $50 million in Bitcoin and between $5 million and $25 million in Ethereum, among other digital assets.

This revelation raises questions of conflict of interest that cast a shadow over the administration. The president is actively shaping US cryptocurrency policy while his family directly benefits from the industry governed by those rules. It feeds directly into the CLARITY Act fight, as Democrats are pushing to ban the president and his family from the cryptocurrency business as a condition of the bill’s passage. This new title is sure to have Democrats digging their feet into the ground, and the bill’s odds of passing have dropped by 10% on the day to 39%.

Unfortunately, we likely haven’t felt all the effects of the $1.2 billion cryptocurrency gains yet. Expect more pain in the future…

🌎 Total crypto and markets

• Cryptocurrency majors are slightly red; Bitcoin -1% at $58.5 thousand; Ethereum -1% at $1,570; SOL +2% at $75; HYPE -5% at $62.60
• Job (+16%)WBT (+14%) and XLM (+12%) led the biggest movers
• oil -1% at $69; Gold is even at $4,040
• Stock futures Slightly red after the strongest half hour in 5 years; Dow Jones -0.2%, Nasdaq -0.4%
• Binance and Czechoslovakia She has been sued for nearly $200 million by British investors In a new lawsuit in the United Kingdom, according to Reuters, related to claims related to the Financial Conduct Authority (FCA).
• City It lowered its 12-month price targets For Bitcoin from $112k to $82k and ETH from $3,175 to $2,240, due to outflows, slow regulatory progress and DAT concerns
• TD Queen Reduce the target price of the strategy by 35%Citing the company’s new framework that opens the door to selling Bitcoin
• Supreme Education Council Open a 60-day hold period on new ETFsand asked 27 questions about how funds built on crypto assets, event contracts, and other non-traditional holdings will be treated, following the temporary suspension of nearly two dozen ETF filings on the prediction market.
• New York Life Investment Management Teamed up with Centrifuge to create a tokenized bond fundbringing one of America’s largest asset managers to more real-world assets
• CRCL It has been removed Of several indicators Russell of growth in the annual reconfiguration in June

Corporate Treasuries and ETFs

Meme Coin Tracker

• Meme leaders He was mixed. Equal Doji, Equal Chip, Equal Pipe -3%, Bingo +2%, Trump +3%, Equal Bonk
• Dog (+85%), Nest (+100%) and Testibull (+175%) led the move on Solana
• Prime movers Included Check (+21%) and REI (+27%)

📈 Countless numbers in the market today

💰 Token tracking, airdrop and protocol

🚚 What happens in NFTs?

• NFT leaders It was mostly flat. BANK -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%) Leading top movers
• Strong week for punk sales continued With multiple buys above the floor in the past day, including the 100 ETH Cowboy sale