Timeline
- 7.5
Stripe and Plasma to Develop Multi-Currency Stablecoin Cards
Stripe announced it is partnering with Plasma to develop multi-currency stablecoin cards, with Plasma acting as a design partner on Stripe's stablecoin card-issuing infrastructure. The cards let individuals and businesses spend directly from balances they already hold — including USD, BRL, EUR, MXN, COP, USDC, OUSD and stablecoins compliant with the GENIUS Act — and are available in more than 30 countries today. Stripe says the arrangement is intended to cut unnecessary currency conversions and foreign-exchange costs for cross-border payments, for example letting a user who holds euros spend directly in euros instead of converting to USD first. Stripe also plans to let cardholders spend from multiple account balances with automatic selection of the appropriate currency at the point of purchase, and businesses will be able to issue cards matching their own spending currencies. The service is expected to expand from more than 30 countries today to over 100 countries in 2027; no transaction volumes or per-market launch dates were disclosed.
- 7.5
The Morning Risk Report: Senate Investigation Finds Rampant Use of Tether’s Stablecoin by Iranian Regime
A U.S. Senate investigation concluded that Iran's regime makes rampant use of Tether's USDT stablecoin, according to the Wall Street Journal's Morning Risk Report. The finding intensifies scrutiny and sanctions-compliance risk for the largest dollar-pegged token. The finding raises material compliance and enforcement risk for USDT, its issuer and the exchanges that handle USDT flows, as reported. The investigation is a Senate report rather than a formal enforcement action, and the item does not describe any change to USDT's market access or a penalty against Tether.
- 7.5
Open USD bets Stripe’s $1.9 trillion network can break USDT and USDC’s grip
Open USD (OUSD), a stablecoin issued for Open Standard, launched on Sept. 30 with 468.4 million tokens outstanding and about $468.45 million in backing assets. It is issued natively on Tempo, Base, Ethereum and Solana, and comes with a distribution partnership that makes it available across parts of Stripe's payments stack. Stripe processed $1.9 trillion in total volume in 2025, and OUSD's current circulation is less than 0.3% of that monthly figure, illustrating the scale of the network through which the token could be distributed if businesses adopt it for payments and treasury activity. Stripe co-founder and CEO Patrick Collison said Open Standard was designed so most reserve yield flows back to participating partners rather than being retained by the issuer. Reserve data showed $257.2 million in cash and $211.2 million in Treasuries and short-duration money-market funds, with more than $400 million of liquidity deployed across decentralized exchanges, stablecoin swaps and bridges on Tempo. Stripe said businesses can hold OUSD through Stripe Treasury, send it via Global Payouts, accept it with Payments and use it with stablecoin-backed card products, subject to product and geographic availability; Coinbase begins supporting the network Oct. 1, and additional Mastercard distribution through BVNK is planned.
- 8.0
Open USD takes on Tether, Circle with a different stablecoin model that's 'building money'
Open USD (OUSD), the stablecoin backed by founding partners Coinbase, Mastercard, Shopify, Stripe and Visa, went live on Wednesday on Ethereum, Solana, Base and Tempo. Open Standard CEO Zach Abrams said the "overwhelming majority" of the company's equity will be distributed over time to partners based on how much they help grow OUSD supply and transaction activity. OUSD enters a stablecoin market worth more than $300 billion that is still dominated by Tether's USDT (about $143 billion in circulation) and Circle's USDC (roughly $74 billion), as competition shifts from simply issuing a digital dollar toward distribution, liquidity and the platforms where customers use it. The report says Open Standard's initial June announcement rattled competitor Circle. Coinbase, Mastercard, Shopify, Stripe and Visa are Open Standard's first five founding partners and investors, each receiving an equal initial equity stake, with individual investment and stake sizes undisclosed. The partner network has grown from more than 140 to over 200 companies, with UBS, Japan's SBI Holdings and fintech Jeeves among the latest additions, and Abrams said he expects the founding group to eventually expand to roughly 10 to 12 companies along with a board of directors drawn from founders.
- 7.5
Binance deal gives Circle a boost in stablecoin race with Tether, analysts say
Binance took a $100 million equity stake in Circle and expanded its existing partnership into a five-year arrangement, giving USDC a broader distribution channel through one of the world's largest crypto exchanges. Analysts told CoinDesk the deal aligns Binance's interests with Circle's growth, similar to Circle's distributor-shareholder model with Coinbase. Analysts said the tie-up could strengthen USDC's reach in emerging markets, while Clear Street analyst Owen Lau said it "optimizes the relationship and further aligns Binance's interests with Circle's." According to Kaiko, Binance offered 140 USDC-quoted spot markets when the first partnership was announced in December 2024 and now has 329, while monthly USDC trading volume on the exchange has roughly doubled from the $20 billion–$40 billion range to consistently above $80 billion. USDC has a market capitalization of about $74 billion, second to Tether's roughly $140 billion USDT.
- 8.0
Binance invests $100 million in Circle , signs 5 - year USDC deal
On Sept. 22, Circle and Binance announced a new five-year commercial agreement covering USDC support and integration alongside Binance's $100 million equity investment in the stablecoin issuer. Binance bought 1.237 million Circle Class A shares at $80.84 each, a 5% discount to Circle's Sept. 17 closing price, and accepted a two-year restriction on selling, pledging or hedging the shares. The agreement extends Binance's role as one of USDC's most important distribution channels and replaces arrangements signed in November 2024 and August 2025. Circle CEO Jeremy Allaire said the partnership is designed to accelerate global and emerging-market adoption of USDC. The commercial agreement runs through September 2031, although either company can terminate it earlier under specified circumstances. The incentives attached to the renewed deal were not disclosed; under the November 2024 agreement Circle paid Binance a $60.25 million upfront fee plus monthly incentive payments tied to USDC held on the platform and in Binance's treasury.