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Coinbase joins OpenUSD, raising questions over Circle\'s position

Coinbase, a key partner behind Circle\'s USDC, has joined the founding camp of new stablecoin OpenUSD (OUSD), reports said. OpenUSD says it will charge no issuance or redemption fees and share much of reserve interest with distribution partners. Circle Chief Executive Jeremy Allaire defended USDC’s network effects and cited data on its on-chain volumes. Analysts flagged cold-start hurdles, consortium coordination and regulatory risks.

Crypto

XRPL lending infrastructure may let XRP holders borrow without selling

A planned lending infrastructure on the XRP Ledger could allow XRP holders to borrow funds using their tokens as collateral without selling, an analysis said. XRP analyst James Dooly said Coinbase’s XRP-backed loans, a government-guaranteed crypto mortgage structure and proposed XRPL lending functions could create a new model for long-term holders. He outlined a hypothetical example using USDC borrowing and possible interest income from depositing unused XRP, while noting key XRPL functions remain at the proposal stage.

Crypto

Standard Chartered, Circle to support institutional USDC minting and redemption through banking network

Standard Chartered and Circle are launching a service that allows institutional clients to mint and redeem USDC within banking processes. Cointelegraph reported on July 2 that the first location will be the Dubai International Financial Centre. Institutions will be able to mint or redeem the dollar-linked stablecoin directly on Standard Chartered’s platform without opening a separate Circle account. Standard Chartered said it is the first major bank to offer such a USDC service.