Bitcoin ended the third quarter up roughly 40%, yet the first trading day of October looks familiar: price action stuck in a tight range, a nervous bond market and a fresh stablecoin launch that could reshape how businesses move dollars on-chain.
Soft Inflation Lifts Bitcoin, but Yields Cap the Rally
Bitcoin jumped to about $85,600 on Wednesday after US core PCE inflation for August cooled to 3% year over year, its lowest reading since February and below the 3.3% analysts expected. The monthly gain came in at 0.2%. Markets responded by trimming the odds of an October Federal Reserve rate hike to roughly 37%.
The rally did not last. Stronger US hiring data and long-term Treasury yields above 5% pulled the price back, and Bitcoin closed the day almost flat at about $83,554. The 10-year yield finished September near 5.29%, which keeps borrowing costs high and makes yield-bearing assets more attractive relative to crypto. Bitcoin has now traded between $82,000 and $85,000 for more than a week, with $85,000 acting as the level bulls must reclaim.
Open USD Enters a Crowded Stablecoin Market
While traders watched the macro data, Open Standard launched Open USD (OUSD), a dollar-pegged stablecoin issued by Bridge, the infrastructure company Stripe acquired in 2024 for $1.1 billion. OUSD went live on Ethereum, Solana, Base and Tempo, with reserves held at BlackRock, Lead Bank and BNY. Bridge says it will publish reserve attestations every month.
The founding partners are Coinbase, Mastercard, Shopify, Stripe and Visa, and more than $1 billion has been committed to seed supply at launch. Businesses can mint and redeem OUSD 1:1 against US dollars at no cost through Stripe, the Visa Stablecoin Platform and BVNK, with Coinbase access starting October 1. The token is also trading on Coinbase, Kraken and Uniswap. Stripe has said OUSD will become its default stablecoin for businesses, though existing stablecoin balances will not be converted automatically.
What Connects the Two Stories
The two headlines point to the same shift. High yields and a cautious Federal Reserve are keeping spot crypto prices range-bound, while the payments industry keeps building regulated infrastructure underneath the market. Visa and Mastercard compete directly, and Coinbase and Stripe compete in payments, yet all of them are backing one token. Executives at Visa, Mastercard and Coinbase have also said they will continue to support USDC and other stablecoins.
One question remains open: how the yield earned on OUSD reserves will be shared with partners and users. With Treasury yields above 5%, the answer will matter.
What to Watch Next
Traders will focus on whether Bitcoin can close above $85,000 and on the next inflation and jobs releases that shape Fed expectations. For stablecoins, the first signals will be OUSD supply growth once Coinbase access opens and the publication of its first monthly reserve attestation.
