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Coinbase, Visa, Stripe and More Back New Open USD Stablecoin in Challenge to Circle and Tether
The consortium says OUSD will share reserve income with partners and charge no minting or redemption fees, challenging Tether and Circle's market dominance.
- On Tuesday, Open Standard announced the upcoming launch of Open USD , a stablecoin backed by Stripe, Visa, BlackRock, and over 140 other businesses, directly challenging Tether and Circle's market dominance.
- Unlike existing stablecoins, OUSD will distribute reserve income to participating businesses minus a management fee. Interim CEO Zach Abrams said, "It's a stablecoin built for the internet economy, designed by the businesses growing it."
- According to CoinGecko data, Tether's USDT held about 62% of the stablecoin market in April, while Circle's USDC held roughly 25%. Circle's stock slipped 13% to $66 per share following the announcement.
- President Donald Trump signed the GENIUS Act into law last year, establishing federal regulatory frameworks for stablecoins. Circle CEO Jeremy Allaire responded, "We welcome continued innovation and competition in the space."
- Recent efforts like the Global Dollar Network led by Paxos and The Clearing House launched by JPMorgan Chase reflect a broader industry shift toward shared digital payment infrastructure. OUSD positions Open Standard within this wider consortium trend.
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The New York Ledger
The New York LedgerCircle CEO Challenges Ousd Consortium Model
ARK Invest’s Lorenzo Valente said OUSD faces a liquidity cold start and questioned whether its large consortium can turn partner support into real adoption.
·Dubai, United Arab Emirates (the)
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Consortium including Visa, Mastercard jointly launch new global stablecoin Consortium including Visa, Mastercard jointly launch new global stablecoin
A consortium including Visa, Mastercard and Coinbase on Tuesday launched a new joint stablecoin in a bid to broaden the adoption of the digital tokens. The venture, called Open Standard, brings together more than 140 businesses for the stablecoin network and will issue a new US-dollar pegged stablecoin called Open USD, which is expected to go live later this year. It is aimed at accelerating the usage of the digital tokens worldwide by addres…
·Pakistan
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Coverage Details
Total News Sources65
Leaning Left2Leaning Right3Center7Last UpdatedBias Distribution58% Center
Bias Distribution
- 58% of the sources are Center
58% Center
L 17%
C 58%
R 25%
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