Summary
PYUSD is now native on Polygon Chain through Paxos, available via the Open Money Stack (OMS) which provides regulated payins, payouts, and compliance in a single integration. Polygon settles $2.5B+ in stablecoin volume daily and has processed $2.6T+ total. Open USD, announced June 30, 2026, by Open Standard, introduces three design principles: free minting/redemption at scale, partners receive all reserve earnings (minus small management fee), and collaborative governance through a board made up of partners. Open USD has 140+ backers including Visa, Stripe, Mastercard, BNY, BlackRock, Google, Shopify, Coinbase. Open USD's governance model is fundamentally different from Circle's single-issuer model: no single entity controls it, and partners have a seat at the table.
Key Points
- PYUSD on Polygon: native issuance through Paxos, available via OMS
- Polygon: $2.5B+ daily stablecoin volume, $2.6T+ total
- Open USD: free minting/redemption, partners earn reserve yield, collaborative governance
- Open USD backers: 140+ including Visa, Stripe, Mastercard, Amex, BNY, BlackRock, Google, Shopify, Coinbase, Standard Chartered, DBS
- Open USD does not include Paxos or PayPal in its supporter list
- Open USD governance: independent company (Open Standard) with board made up of partners
- Open USD launch: later in 2026
- PYUSD market cap: ~$2.8B vs USDC $73B vs USDT $184B