Aave Proposes Open USD Listing: OUSD Identity and Risks
Aave Labs proposed Open USD for Ethereum V3 and V4 markets on 30 September. Here is what remains undecided, how it differs from Origin Dollar and what readers should verify.
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Editorial policyPaxos Labs cofounder Chunda McCain argues that enterprises adopting stablecoin infrastructure can cut payment costs, unlock credit lines, and earn on-chain yield — but warns that not every company needs to issue its own token.
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Paxos Labs cofounder Chunda McCain has made a compelling public case for enterprise stablecoin adoption, arguing that companies integrating stablecoin payment rails can structurally convert what are currently cost centers — cross-border payment fees, FX conversion spread, correspondent banking delays — into revenue-generating activities. Speaking at a fintech conference in New York on Saturday, McCain outlined a framework that positions stablecoins not as speculative instruments but as cash management infrastructure with a measurable ROI for corporate treasurers.
McCain's core argument centers on the cost disparity between traditional and stablecoin-based cross-border payments. International wire transfers between corporate entities typically incur 2–4% in combined fees — including originating bank charges, correspondent bank markups, FX conversion spread, and receiving bank fees — with settlement times measured in days. Stablecoin transfers, by contrast, can be completed in seconds at a fraction of the cost, with fees typically below 0.1% even for large transactions on high-throughput networks.
For multinational businesses executing hundreds of millions in cross-border transactions annually, the compounding cost difference is material. McCain cited examples of mid-sized manufacturers and logistics companies that had reduced payment infrastructure costs by 60–80% within 18 months of migrating treasury operations to stablecoin rails.
Beyond cost reduction, McCain argued that stablecoin-denominated treasury balances can actively generate yield through regulated on-chain money market products — a capability unavailable to cash held in traditional bank accounts at current near-zero deposit rates. Products like BlackRock's BUIDL fund and Circle's yield-bearing USDC accounts now offer institutional-grade yield on dollar-denominated holdings with T+0 settlement, giving corporate treasurers access to Treasury bill rates without the operational overhead of direct fixed-income investment.
McCain was careful to distinguish between using existing stablecoin infrastructure — which he characterized as immediately practical for most enterprises — and issuing a proprietary stablecoin, which he argued requires significant regulatory overhead, technical investment, and ongoing compliance management that only the largest global enterprises can justify.
In a comment that generated significant discussion, McCain explicitly cautioned against the trend of mid-sized companies exploring proprietary stablecoin issuance as a branding or customer loyalty play. 'The infrastructure layer is where most of the value is being created right now,' he said. 'Issuing your own token doesn't give you those savings — it adds complexity on top of them. The question every CFO should be asking is whether they need to issue or whether they just need to use.'
The remarks come as the stablecoin market surpasses $321 billion in total circulation, with enterprise and institutional use cases accelerating rapidly following the passage of stablecoin-specific legislation in both the US and EU in early 2026. Paxos itself issues PYUSD on behalf of PayPal and continues to expand its enterprise stablecoin infrastructure business.
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Paxos Labs cofounder Chunda McCain argues that enterprises adopting stablecoin infrastructure can cut payment costs, unlock credit lines, and earn on-chain yield — but warns that not every company needs to issue its own token.
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