Stablecoins. Everyone and Their Mom.
One Index. Own the Stablecoin Multiverse. $OPEN
A global migration is underway to digital, programmable dollars built for speed, flexibility, improved safety and enhanced purchasing power.
Today’s first-generation stablecoins (USDC, USDT), resemble early internet giants AOL and Yahoo: foundational, but primitive compared to what's coming. Even after explosive growth, stablecoins still represent only ~1% of America’s $22T M2 stack, and just 1.3% of Earth uses them monthly. We're early in the S-curve.
Next-generation stablecoins offer distinct advantages: transparent code, the ability to transmute diverse collateral (fiat, bonds, commodities, crypto) into any currency, verifiable onchain reserves, and decentralized, user-led governance that shares in the economics. Safety is reinforced through isolated collateral pools, overcollateralization, and programmable liquidations that dampen panic and reduce systemic freeze risk, even on weekends.
These mechanisms are auditable by design and engineered for predictability, not blind trust.
“Stablecoins should be more fair, flexible and transparent for users”
Just as web2 sparked a wave of creator platforms and hundreds of millions of creators, blockchains are igniting a fintech builder economy. Open-source tooling and seamless composability will drive a Cambrian explosion in monetary design setting the stage for the first $1 trillion stablecoin, and a fleet of challengers spanning $10s to $100s of billions for bespoke use cases.
Even as regulators and TradFi open the floodgates for first-generation stablecoins, there's a vital role for next-gen designs, supercharging dollar network effects and forking forward, feeding hard-earned lessons back into the financial core faster than any bureaucracy ever could.
The next wave of these assets are already shedding the 'stablecoin' label entirely, emerging as deposit tokens, flatcoins, synthetic dollars, index dollars, or AI-native dollars.
Introducing The Open Stablecoin Index `$OPEN`
$OPEN is an equal-weight index tracking leading stablecoin-networks advancing transparency, composability, and user-led governance. Included protocols should be evaluated on verifiable asset-backing, peg design, mint/redeem logic, safety mechanisms, yield-sharing, and decentralized control.
One Index. Own the Stablecoin Multiverse.
Picking winners in stablecoin ecosystems is burdensome work. $OPEN flips that equation. Instead of trying to find the needle, $OPEN indexes the haystack. It’s a schelling point for decentralized monetary systems: part index, part knowledge graph, part coordination layer.
$OPEN’s decentralized governance curates innovation and trust-minimization. Protocols compete. The index evolves. Capital remains diversified, passive, and positioned at the frontier.
$OPEN speaks to three tribes:
Stablecoin purists eyeing a transparent, decentralized, and programmable monetary future.
Index-minded pragmatists who want effortless exposure to leading stablecoin ecosystems.
TradFi allocators watching stablecoin headlines, still searching for a clean, direct way in.
Quick Facts
Ticker:`$OPEN`
Contact Address: 0x323c03c48660fE31186fa82c289b0766d331Ce21
Methodology: Track leading decentralized stablecoin-networks advancing transparency, composability, and user-led governance. Included protocols should be evaluated on verifiable asset-backing, peg design, mint/redeem logic, safety mechanisms, yield-sharing, and decentralized control.
Inception: April 14, 2025
Weighting: Equal-weight
Asset Basket Target: 7 to 10 components, at governance’s discretion.
Rebalancing: Quarterly, calendar year
Component Weight Cap: If a component exceeds 40% or drops below 1% between quarterly rebalances, governance may propose weight changes, additions, or removals to maintain index health
Minimum Component Size & Liquidity: Components should generally exceed $10M market capitalization and $1M DEX liquidity. Final inclusion remains at governance’s discretion.
Fee Structure: 0.75% TVL fee, 0.3% mint fee
Governance: $OPEN is governed onchain through smart contracts by SQUILL token holders. Component or parameter changes follow a structured process: offchain Request For Comments (RFCs), community input, then onchain Improvement Proposals (IPs).
Platform: $OPEN is deployed on the Reserve Index protocol. Built on Ethereum.
Reserve Protocol Audits:
Links
Get $OPEN and learn more about basket and governance parameters
Join $OPEN Secret Admirers on Telegram (token-gated)
Learn about $SQUILL the governance token for $OPEN
Thank you to early minters Rune (Sky), Stani (Aave), Michael (Curve), Sam (Frax), Marc (ACI), Colin (Liquity), Nevin (Reserve), Nour (Inverse), and CurveCap, James & Samuel from Leviathan’s Squid DAO.