- Open USD brings together 140+ firms to create a low-cost stablecoin with shared governance and reserve benefits.
- Visa, BlackRock, Coinbase, and others back Open USD as stablecoins expand across global financial services.
- The consortium aims to make stablecoins more scalable by improving access, transparency, and business adoption.
Open Standard has introduced Open USD, a new stablecoin backed by more than 140 companies from the banking, payments, technology, and cryptocurrency sectors. The group includes Visa, Stripe, BlackRock, Google, Coinbase, and DBS. Open Standard said businesses using the network will not pay minting or redemption fees and will share reserve earnings. The organization expects to launch Open USD later this year.
The announcement comes as stablecoins continue gaining ground in everyday financial transactions. Businesses increasingly use them for cross-border payments, merchant settlements, and treasury management.
Open Standard said the project aims to reduce costs and address governance issues that have surrounded existing stablecoins. As a result, the initiative brings together banks, payment providers, fintech firms, and blockchain companies under a common framework.
Open USD Focuses on Scale and Shared Governance
Open Standard said Open USD will allow participating businesses to mint and redeem tokens without paying fees or facing volume restrictions. The consortium also plans to share reserve earnings with partners after deducting a management fee to cover operating costs. In addition, member companies will oversee the project through an independent governing board instead of leaving control to a single issuer.
Founding Chief Executive Zach Abrams said the project aims to address challenges businesses face when using existing stablecoins at scale. He said, “Existing stablecoins have great strengths, but to use them at scale, businesses need something that’s open, low-cost, high-throughput, broadly accessible, and aligned to their interests.”
He added, “We’re thrilled to bring together over 140 businesses to launch Open USD. It’s a stablecoin built for the internet economy, designed by the businesses growing it.”
Industry Leaders See Growing Stablecoin Demand
Several companies backing Open USD said the project could support wider use of stablecoins in everyday finance. Visa’s Jack Forestell said, “In payments, scale only comes with trust. As stablecoins evolve, the focus must shift from speed to reliability, governance, and interoperability.” He added that Visa plans to apply its payments expertise and operational standards to the network.
Stripe also backed the initiative. President of Technology and Business Will Gaybrick said, “Businesses need a stablecoin designed to work at global, industrial scale.” He added, “That’s why Open USD will be the default stablecoin for businesses running on Stripe.”
Mastercard, Shopify, Coinbase, DoorDash, Fireblocks, Chime, and BBVA also joined the consortium, with executives pointing to shared governance, interoperability, and payment efficiency as key features.
The launch also increased competition in the stablecoin market. Circle’s shares fell more than 12% after investors reacted to the announcement. Meanwhile, the stablecoin market has grown beyond $300 billion, and Citi expects it could reach $4 trillion by 2030.
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