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What Is a Stablecoin? Three Designs Under One Word, Three Different Risks.
A stablecoin is a token that promises one dollar, and there are three different answers to where the dollar is: reserves held off chain, collateral held on chain, or no full reserve at all with incentives doing the work. The word describes a target price, not a risk level, and the gate that decides everything is redemption.- 39
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OUSD Pays Its Distributors. The Stablecoin Model Just Flipped.
Open USD launched on 30 September 2026 with free one-to-one minting, no volume caps, and almost all reserve earnings routed to the distributors that drive its supply, plus most of the company's equity allocated over four to five years on the same contribution basis. Tether and Circle keep their float. OUSD is buying distribution with it. -
A Stablecoin Is a Receipt. Someone Else Holds the Key and Keeps the Interest.
USDT and USDC together are about $258.6 billion of circulating claims. I read both contracts directly: each exposes an administrative freeze query, and USDT’s answers true for a real address. At the 13-week Treasury bill rate of 4.20 percent on 28 September 2026, that float would earn about $10.9 billion a year. The holders are paid nothing.- 117
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