The stablecoin war is shifting from the issuance side to the distribution side. Open Standard, led by Stripe, has brought in over 140 institutions including Visa, Mastercard, BlackRock, Coinbase, and OKX, preparing to launch OUSD. The core strategy is to share more reserve earnings with payment channels, merchants, and ecosystem partners. This might not immediately shake the liquidity moat of USDT and USDC, but it has already pushed stablecoin competition into a new phase: whoever controls the distribution network can renegotiate the rights to profit distribution.