Stablecoins Outgrow the Exchanges That Built Them

Stablecoins and exchanges once solved each other’s biggest problem. Now they are each trying to compete for the other’s role in the financial value chain. The Tuesday (June 30) announcement that more than 140 companies from FinTech, financial services and institutional cryptocurrency joined a consortium called Open Standard to launch a new dollar-backed stablecoin, Open USD (OUSD), shows how much stablecoin issuers and crypto exchanges have diverged from their once-parallel paths.