The OPEN Stablecoin Index Q3 rebalancing proposal is now live on Reserve. If approved, $ALCX, $OGN, and $FXN will be added to the index, while $ENA will be removed. Voting is open for 24 hours.

The OPEN Stablecoin Index, a tokenized index of stablecoin infrastructure projects built on Reserve’s Index DTF protocol, has put forward its Q3 rebalancing proposal for governance approval on the Reserve app. The proposal seeks to adjust the index’s composition by adding Alchemix (ALCX), Origin Protocol (OGN), and FXN to the basket while removing Ethena (ENA), subject to a community vote that remains open for 24 hours on-chain via the Reserve governance interface. If approved, the rebalance would move the index toward an equal-weight allocation across its selected constituents, in line with OPEN’s design as a diversified basket of leading stablecoin-related protocols. OPEN is governed by its community, with token holders voting on index composition and periodic rebalances to keep weights aligned with its mandate of tracking “stablecoin infrastructure” projects that issue or support stablecoins in the EVM ecosystem. The specific change proposed—offboarding ENA and onboarding ALCX, OGN, and FXN—reflects an updated view of which protocols best fit that mandate for the coming quarter and continues a previously discussed plan to rotate ENA out while adding these three assets. The outcome of this vote will determine both the investable exposure of OPEN holders and the relative on-chain demand the index generates for the newly added or removed tokens, making it a governance event of direct relevance to participants in the Reserve and OPEN ecosystems as well as to the affected token communities.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• [RFC] $OPEN Stablecoin Index ReGenesis - Q3 2025 - #26 by Pangea (forum.reserve.org)
• [RFC] $OPEN Stablecoin Index ReGenesis - Q3 2025 - #27 by Alice (forum.reserve.org)
• [PDF] BIS Working Papers No 1270: Stablecoins and Safe Asset Prices (bis.org)
• Q3 2025 Crypto M&A and Financing Report - Architect Partners (architectpartners.com)
• Proposed regulatory regime for sterling-denominated systemic ... (bankofengland.co.uk)

Explore the topic

• Proposal
• OPEN