An alliance of more than 140 companies — including Visa, Stripe, Mastercard, BlackRock, and Coinbase — today announced the formation of Open Standard and the launch of Open USD (OUSD), a new dollar-pegged stablecoin designed to redistribute the economics of the $300 billion stablecoin market.
The project is being led by Zach Abrams, co-founder of Bridge, the stablecoin infrastructure company that Stripe acquired in 2024.
“Existing stablecoins have significant strengths,” Abrams said He said In a statement, “But to use it at scale, companies need something that is open, low-cost, high-productivity, widely accessible, and aligned with their interests.”
The announcement sent Circle shares down as much as 15% on Tuesday, a sign of how directly Open USD targets the USDC issuer’s business model.
The basic proposition of Open USD is straightforward: no seigniorage, no redemption fees, and no size limits — and most of the benefits generated by stablecoin reserves go to the companies that use them, minus the management fees held by Open Standard.
This reserve income is what makes circle and pregnancy Profitable. Both issuers hold stablecoin backing in short-term US Treasuries and keep the yield themselves. Circle’s USDC is worth about $73 billion. Tether’s USDT value is approximately $145 billion. Open USD proposes to share this revenue with its own distribution network instead.
The ruling follows the same logic. Instead of a single issuer making decisions, Open Standard will be managed by an independent organization with decision-making shared between partner companies.
Who supports the opening of the US dollar?
The list of partners includes almost every corner of finance. Payment networks include Visa, Mastercard, American Express, and Discover. Banks include the Bank of New York, Standard Chartered, DBS and US Bank. On the technology side: Google, Shopify, and IBM. Cryptocurrency companies include Coinbase, Ripple, MetaMask, Aave, Bybit, OKX, Galaxy, Fireblocks, and Anchorage Digital.
“Today, we announced that Visa is joining Open Standard alongside Stripe, Coinbase, Mastercard, American Express, BlackRock, US Bank, BBVA, Standard Chartered, and over 100 initial partners in the mission to issue Open USD,” said Visa’s Head of Cryptocurrency, Coy Sheffield. books On X.
Open USD is expected to go live later in 2026 on Solana, Stellar, Base, and Polygon. Matt Huang, CEO of Tempo, confirmed that OUSD will be issued locally on its network from day one, with support for payments, liquidity, exchanges, and decentralized finance.
Open Standard is not the first federation to try this model. Paxos Lead Dollar Global Network (USDG) — backed by Robinhood, Kraken, and Galaxy Digital — is on the same premise: reserve income share, increase adoption.
In Europe, there are 37 banks and payment service providers organized About Qivalis, a Euro-denominated stablecoin, as institutions push back against the dominance of the US dollar in the digital asset space.
The timing is not accidental. Stablecoins have moved from cryptocurrency trading to cross-border payments, trade settlements, and corporate treasury operations.
City Projects The market will reach $4 trillion by 2030.
